Thereafter, in March 2001, it introduced a quantitative easing policy, in which the operating target was the outstanding balance of current accounts at the Bank. I would note that, at the same time, the Bank introduced forward guidance that was linked to the observed CPI.
A good example is the gradual price decline in PCs and smartphones. However, the  BIS central bankers’ speeches  1  deflation I am talking about refers to a situation in which the prices of a broad range of goods and services decline, and consequently, prices as a whole drop.