It has recently been about 0 percent (Chart 7). In my view, there are two major factors behind the decline in the inflation rate. 1. Consumption tax hike  The first factor is negative effects on demand of the consumption tax hike in April 2014.
However, there is a close relationship between monetary policy and the stability of the financial system. To begin with, monetary policy has a substantial impact not only on price stability but also on financial system stability through its effects on financial intermediation and various asset prices.