If the potential inflation rate has not declined much, the current disinflationary trend could simply reflect the slack in capital stock and in the labor market, and it is possible that disinflationary pressure will ease as the slack dissipates. As just described, the inflation outlook and its implication for macroeconomic policy could change depending on how to understand the current potential growth rate.
Thus, I will continue to carefully monitor this matter. III. The conduct of monetary policy for the immediate future  A. Interim review on quantitative and qualitative monetary easing  Fourteen months have passed since the Bank introduced quantitative and qualitative monetary easing (QQE) in April 2013.