BIS central bankers’ speeches  5  II. Conduct of monetary policy  A.  Quantitative and Qualitative Monetary Easing (QQE)  1. Framework of QQE  Next, I would like to turn to the Bank’s monetary policy.
In order for Japan’s economy to overcome deflation as early as possible and achieve sustainable growth with price stability, the Bank introduced in January 2013 the price stability target of 2 percent in terms of the year-on-year rate of change in the CPI.