dollar (right scale)  100  130  80  20  115 110  50  105  10  0  "Favorable"  -5  Nonmanufacturing (large enterprises) Nonmanufacturing (small enterprises)  -10  40 100  94  -15  30 90 CY12  15  5  60  98  DI ("favorable"-"unfavorable"), % points  25  70 102  30  125 120  90  106  Business Conditions DI (Nonmanufacturing Sector)  13  14  15  16  17  18  19  20 CY14  95 15  16  17  Sources: Ministry of Finance; Bank of Japan; Ministry of Economy, Trade and Industry; Bloomberg.
4  -5likely aim to achieve inflation moderately above 2 percent for some time.” As Chair Powell indicated in his Jackson Hole remarks, we think of our new framework as an evolution from “flexible inflation targeting” to “flexible average inflation targeting.” 5 While this new framework represents a robust evolution in our monetary policy strategy, this strategy is in service to the dual-mandate goals of monetary policy assigned to the Federal Reserve by the Congress—maximum employment and price stability—which remain unchanged.