So far, policy effects seem to have in many cases emerged in the form of the "sound development of Japan's economy." With regard to prices, the inflation rate remains positive and the economy has improved to the point where it is no longer in deflation in the sense of a sustained decline in prices, although achievement of the price stability target has been delayed.
Initially, the GBPP was aimed at restoring market functioning. But as Canada emerged from the first lockdown in summer 2020, we began using this program to provide additional monetary stimulus to support the economic recovery. This is our QE program.