The BOJ expects that the price rise will increasingly reflect an improvement in the output gap and a rise in inflation expectations. The BOJ judged in January 2013 that setting the 2 percent price stability target in terms of the CPI was important for the economy.
We therefore hope that the ongoing review of the two documents will enlarge the set of macroprudential policy tools and simplify the activation procedure for the use of these tools provided for in Article 458 of the CRR. This would allow macroprudential authorities to act in an efficient, effective and timely manner.