And fourth, the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary to maintain that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate. So far, I have explained the basic framework of QQE.
Finally, I will draw some lessons for future monetary and regulatory policies. 1  1  My remarks will rely heavily on material drawn from Dokko and others (2009). However, neither those authors nor my other colleagues in the Federal Reserve System are responsible for the interpretations and conclusions I draw in these remarks.