The result is that the share of our exports going to the Asian region, which was already high, has risen further, to around 70 per cent. Many people have noted that, with China and India still at early phases of their economic development, it is likely that they will continue to grow strongly for many years yet, and so will their demand for resources.
The new policy framework consists of two major components: the first is "yield curve control," in which the Bank facilitates the formation of the yield curve that is deemed most appropriate with a view to maintaining the momentum toward achieving the price stability target of 2 percent, and the second is an "inflation-overshooting commitment," in which the Bank commits itself to expanding the monetary base until the year-on-year rate of increase in the observed consumer price index (CPI) exceeds the price stability target of 2 percent and stays above the target in a stable manner.