This is a highly difficult policy to conduct, and it requires subtle balancing. BIS central bankers’ speeches  5  Interest rate developments after introduction of QQE So far, this policy conduct has been successful. Inflation expectations appear to be rising on the whole.
While it is difficult to directly observe inflation expectations, taking break-even inflation rates measured by inflation-linked government bonds and various surveys on households, economists, and market participants as a whole, people’s inflation expectations seem to have been rising. By contrast, Japan’s long-term interest rates have been hovering in a stable fashion.