Third, the increase in the total size of the Program. The Bank increased the purchase of Japanese government bonds (JGBs) through the Program by about 10 trillion yen, thereby increasing the total size of the Program from 55 trillion yen to 65 trillion yen. This demonstrates the clarification of the Bank’s monetary easing stance in the form of action. B.
Over the policy-relevant horizon, in an environment of modest growth in the euro area and well-anchored long-term inflation expectations, underlying price pressures should remain moderate. Current levels of inflation should thus remain transitory. We will continue to monitor closely further developments in costs, wages and prices. Risks to the outlook for price developments continue to be broadly balanced over the medium term.