The nature of the relationship between the price stability target and monetary easing is undergoing a gradual change due to the economy's structural changes over the past six years.
Taking into account the newly identified supply-side factor, that is, constraints on inflation resulting from the rise in labor productivity, there is a reason to believe that it is not appropriate to be fixated on the fact that the price stability target has not been achieved nor to attempt to resolve this through additional monetary easing.