That statement is followed by a qualifying clause, which declares that both the upside and downside risks to economic activity and prices will be examined and that adjustments to QQE will be made as appropriate. The BOJ’s forward guidance therefore signals a condition that determines continuation of QQE provided no major risks materialize.
Given that the short- to medium-term yield curve was lowered substantially under the previous comprehensive monetary easing (October 2010 to March 2013), the intention with the forward guidance related to QQE is to exert downward pressure on the longer-term yield curve.