The commitment to achieving 2 percent inflation at the earliest possible time has not changed. Conclusion Today, I have talked about Japan's economic and price developments and the Bank's conduct of monetary policy. Over the past five years, Japan's economic activity and prices have improved significantly, and are proceeding along a steady path toward achieving the price stability target of 2 percent.
In that sense, QQE certainly has been producing its intended effects. On the other hand, it has become apparent that people's deflationary mindset is more deeply entrenched than expected, and that changing such mindset will take time.