Based on these developments in economic activity and prices, the Bank judged that the commitment that it would continue the quantitative easing policy until the year-on-year rate of change in the CPI registers zero percent or higher on a sustainable basis had been fulfilled, and that it was therefore appropriate to terminate the unprecedented quantitative easing policy.
It must be stressed that the termination of the quantitative easing policy does not signify a tightening of monetary policy. As I have explained, the policy effects of the quantitative easing policy have already become essentially equivalent to those of an interest rate policy targeting a short-term interest rate of zero percent.