Price developments and the path toward achieving the price stability target  Current state of and outlook for prices Let me turn to price developments. The year-on-year rate of change in the consumer price index (CPI, excluding fresh food) was negative at minus 0.4 percent in April last year when QQE was introduced.
The turnover in the secondary market increased from 1.555 trillion the previous year to 1.909 trillion in 2009. This is a big achievement. However, there are still outstanding challenges. Just to mention a few, volatility in the interbank rates, wide bid/ask spreads, thin trading during tight market conditions, buy and hold trading strategies and low horizontal repo trading activity among others.