Comparing the projections in the Outlook Report with those in the January 2015 interim assessment, the  4  BIS central bankers’ speeches  projected rate of increase in the CPI is somewhat lower. The timing of reaching around 2 percent is delayed, albeit slightly, from the former projection of “in or around fiscal 2015.” III.
The Bank’s monetary policy  As I have explained, QQE has exerted its intended effects. The improvement in economic activity and prices is likely to continue, and the CPI inflation is projected to reach the price stability target of about 2 percent around the first half of fiscal 2016.