With this commitment, the Bank aims to increase the credibility that it will achieve the 2 percent price stability target by ruling out the possibility of a change in the direction of monetary policy at an early stage when achievement of the target comes in sight.
5  In this situation, as I explained earlier, the CPI forecasts of the Policy Board members were revised downward again in the July 2018 Outlook Report, on the view that it is taking more time than expected to achieve the price stability target of 2 percent.