In this light, in Section IV of my speech I will present my current thinking on the “conceptual channels” that could lead to achieving the 2 percent target.
Here, I intentionally used the term “conceptual.” This is because increasing “mediumto long-term” inflation expectations and anchoring them at around the 2 percent level – which the Bank is currently pursuing through quantitative and qualitative monetary easing (QQE) – is a challenging task that no other major central bank has ever undertaken in the past.