A reduction in the level of monetary policy accommodation, which is being called for by some market participants, will not be considered. II. Japan’s economy since the introduction of QQE, and its effects  Economic activity and prices during past three years To start with, I would like to take a look back at economic activity and prices since the introduction of QQE.
This year, for the very first time we also extended an invitation to independent schools through the Independent Examination Board (IEB), and I am happy that they too could join us here today. As some of you may recall, in 2021 we suspended the Challenge due to the COVID pandemic. In 2021, we hosted the entire process virtually.