For these reasons, I judged that the Bank’s commitment to do its utmost to achieve the target of 1 percent in terms of the year-on-year rate of change in the CPI for the time being would further enhance the policy effects and be more appropriate in the current situation.
Subsequently, at the MPM held on February 13 and 14, I voted for the public statement that included the following sentence: “the Bank has set the price stability target at 2 percent in terms of the year-on-year rate of change in the CPI.” I still hold the view that it is not an easy task to achieve the price stability target of 2 percent.