Specifically, the Bank expects short- and long-term policy interest rates to remain at their present or lower levels as long as it is necessary to pay close attention to the possibility that the momentum toward achieving the price stability target will be lost. There are two points here.
First, the Bank clearly related the forward guidance to the momentum toward achieving the price stability target. Second, the Bank reflected its policy stance of being tilted toward monetary accommodation in the forward guidance for the policy rates as well. On this basis, it clarified that there would be a downward bias in the policy rates.