In sum, I believe that effective communication for us at this stage involves the following key principles: (1) reaffirming the data-dependence of the asset purchase program, (2) giving more clarity on the type of data that will determine the endpoint of the program, as the Chairman did in his discussion of the unemployment goal, and (3) basing interim adjustments to the pace of purchases at any meeting primarily on the accumulated progress toward our goals and not overemphasizing the most recent momentum in the data.
Now that Japan’s industries are making steady efforts to adapt to a new era, it is also required that the economic policy management of Japan be reformed to suit the times. The Bank of Japan Law is to be reviewed as the first concrete step in the reform process of Japan’s economic policy management.