Meanwhile, looking at the developments in the stock and foreign exchange markets, the Nikkei Stock Average, for instance, declined sharply as the damage became apparent, eventually falling by 1,015 yen, or 10.6 percent on March 15 from the previous business day (Chart 12).
The Committee has repeatedly stressed that the first and subsequent policy moves will be data-dependent. It is confidence based on clear evidence in the data that will trigger the start of normalization. One hundred percent confidence is never attainable.