Monetary Policy: Achievements and Discussions since 2013  Evolution of BOJ's Monetary Policy 5 4  y/y % chg.  CPI (less fresh food)  3 Average from FY 2013 onward +0.5%  2 1 0 -1 Average from FY 1998 to 2012 -0.3%  -2  -3 CY 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22  Zero Interest Rate Policy Feb. 1999 to Aug. 2000  Quantitative Easing Mar.
2001 to Mar. 2006  Comprehensive Monetary Easing Oct. 2010 to Apr. 2013  Quantitative and Qualitative Monetary Easing from Apr. 2013 onward  Note: Figures exclude the effects of the consumption tax hikes, etc. Shaded areas denote recession periods. Source: Ministry of Internal Affairs and Communications. II.