In light of these developments, the Bank decided at the end of October 2014 to expand QQE in order to preempt manifestation of a risk that conversion of the deflationary mindset might be delayed and to maintain the improving momentum of expectation formation.
Looking at the developments after the expansion of QQE, the positive contribution in the CPI excluding energy stopped decreasing in early 2015 and then resumed an uptrend. The positive contribution has been about 1 percentage point recently, thus marking the largest size since the introduction of QQE.