Second, other prices that had fallen sharply last year with plummeting demand are now recovering to more normal levels with the reopening of the economy. And third, disrupted global value chains and pandemic-related supply constraints, including shipping bottlenecks and a global shortage of semi-conductors, have pushed up the prices for cars and some other goods.
Expansion of quantitative and qualitative monetary easing (QQE)  At the Monetary Policy Meeting held on October 31, 2014, the Policy Board decided to expand QQE. As I cast a dissenting vote on this decision, I may be in a delicate position to talk about this policy change. I will therefore provide my views to the best possible extent.