In this regard, one cannot rule out the possibility that, under the current policy commitment, if financial markets increasingly view achieving the 2 percent price stability target in about two years as difficult, the Bank will be obliged to extend or strengthen its monetary easing driven by such external factors, even in a situation where it is judged that side effects outweigh positive effects on the economy.
1/4  BIS central bankers' speeches  Carefully-calibrated and well-communicated monetary policy has effectively anchored market expectations. It has enabled us to maintain price stability while providing support to economic expansion. We shall continue to improve the IRC system towards a more market-friendly implementation of monetary policy. The financial sector also demonstrates stability and sustained growth.