Although this year's negotiation results were prompted by global inflation, which is an exogenous factor, they could be suggesting that improvement in labor market conditions brought about by the Bank of Japan's patient conduct of monetary easing has finally started to bear fruit in the form of a synergy between price rises and wage increases. II. Monetary Policy A.
Conduct of Yield Curve Control Let me now turn to the Bank of Japan's policy conduct. In order to overcome prolonged deflation and achieve the price stability target of 2 percent, the Bank introduced quantitative and qualitative monetary easing (QQE) in April 2013.