It is true that the zero percent year-on-year change in the CPI specified in the current commitment is merely a milestone, and therefore the Bank intends to study how to conduct monetary policy in a transparent way beyond that point. However, under the current circumstances, it is still too soon to specify a concrete policy framework.
For the time being, therefore, it is important that the Bank concentrate all its efforts on achieving the goal contained in the existing commitment. When extricating itself from an unusual financial environment as at present, the Bank should be fully aware of the risk that expectations regarding financial market developments, such as the outlook for long-term interest rates, may become unstable.