Let me explain three points that underlie the assessment. First, with a view to achieving the price stability target of 2 percent, it is appropriate for the Bank to maintain accommodative financial conditions while continuing to pursue QQE with Yield Curve Control.
In any case, the crucial point is what will happen next. I see no compelling reasons for inflation not to return to target, notwithstanding the still abundant (and excessive) liquidity present in the economic system. The latter will be gradually reduced through the actions of monetary policy.