The Bank will continue with QQE, which consists of the measures I have just cited, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate.
As a result, calculated on a stock basis, the monetary base and the amounts outstanding of JGBs as well as ETFs are projected to almost double in two years. The ratio of the monetary base to nominal GDP is expected to increase to about 56 percent by end-2014.