It will thoroughly examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate. The prescription of the QQE that I have explained is in line with the basic ideas within economics and public policy theory.
First, I firmly believe that, as a central bank is a public entity, the Bank must manage its policy in conformity with the legally given mandate of ensuring price stability. The Bank must clearly commit to this. Second, in the QQE, we took an approach of raising economic entities’ inflation expectations by combining the central bank’s clear commitment and underpinning large-scale monetary easing measures.