I think one of the reasons why only some progress has been made in regulatory and institutional reforms is that the momentum toward reforms was lacking as private entities were not sufficiently proactive. The emergence of real needs for reforms will be a major driving force to push ahead with regulatory and institutional reforms. Under QQE, the deflationary mindset is steadily being dispelled.
The Bank aims to contribute to strengthening the growth potential of Japan’s economy through its continued efforts through QQE and by achieving the price stability target of 2 percent at the earliest possible time. Concluding remarks Today, I have talked about the challenges facing Japan’s economy and the characteristics of QQE as a remedy for those challenges.