4  BIS Review 101/2006  However, some people doubt that price stability should be monetary policy’s primary objective. In fact, they would like the central bank to simultaneously pursue other objectives, such as economic growth and job creation. Others even claim that maintaining price stability impedes economic growth.
It is, however, still uncertain whether the progress of inventory adjustments in ICT-related goods will be followed by a recovery of final demand overseas. Thus, we need to monitor carefully whether overseas economies, especially the United States, will recover steadily.