This is the first time that Japan has registered such sustained inflation since it fell into deflation. Thus, although Japan’s economy still has some way to go until the price stability target of 2 percent is achieved, there is no doubt that there has been a clear change in the inflation trend under the Bank’s QQE.
V.  Objectives of the negative interest rate policy  Against the background just described, the Bank of Japan introduced “QQE with a Negative Interest Rate” in January 2016. As indicated, QQE has been exerting its intended effects.