In my view, whether or not the underlying trend in inflation will jump to 2 percent depends on whether people’s medium- to long-term inflation expectations will jump to around 2 percent, and this suggests that people’s expectations are unlikely to become so bullish within the projection period as wages have not yet risen to that level. II.
Future conduct of monetary policy  A.  QQE  It has been two years and eight months since the introduction of QQE.