The Bank of Japan decided on the price stability target of 2 percent in terms of the year-onyear rate of change in the consumer price index (CPI) in January last year. The Bank then in April introduced aggressive monetary easing called quantitative and qualitative monetary easing (QQE) to achieve the price stability target. The Bank has been pursuing QQE since then.
One year and five months have passed since the Bank introduced QQE, and the policy has been having its intended effects so far. The impact of QQE is expected to become stronger going forward, making it particularly important for the Bank to ensure the public fully understands its policy.