The Program has become far more aggressive than the one envisaged at the time of its introduction. Furthermore, the Bank has embarked upon a number of policy measures – including the enhancement of the growth-supporting funding facility and the introduction of the stimulating bank lending facility – in response to changes in economic developments.
I stress once again that the Bank of Japan has been conducting further aggressive monetary easing until it judges the 1 percent goal – in terms of the rate of change in the CPI – to be in sight, and that the Bank has been making full use of new policy measures while not setting any timeframe a priori.