The Bank's experience in this regard allows two observations. The first is that central banks can work on inflation expectations, as theory implies. This became apparent during the first year of QQE.
Inflation expectations responded positively to the Bank's strong and clear commitment to achieving the 2 percent inflation target and its large-scale monetary easing policy to underpin this commitment; as a result, many indicators of inflation expectations showed clear increases in a relatively short period (Chart 8).