I have continued to cast a dissenting vote at the subsequent Monetary Policy Meetings, considering that it was appropriate for the Bank to change the guidelines for money market operations and asset purchases back to those employed before the expansion of QQE.
The idea behind this is closely related to the proposal I have been submitting at each meeting since the introduction of QQE – that is, (1) not to restrict the time frame for achieving the 2 percent price stability target to about two years, but to aim to achieve it in the medium to long term and (2) to designate QQE as an intensive measure with a time frame of about two years, and thereafter to review the monetary easing measures in a flexible manner.