Through this forward guidance, the Bank has made clear that it considers it appropriate to maintain the current low levels of interest rates for such a long time. It also has clarified the time frame to make its intention easy to understand.
Since the introduction of forward guidance for policy rates, the survey results show that an increasing number of market participants consider that interest rates will remain low (Chart 5). This indicates the effectiveness of such guidance. B. Securing Effective Policy Measures The second challenge in maintaining accommodative financial conditions for a long time is to secure highly sustainable policy measures.