The future path of the output gap and the CPI was simulated assuming that there had not been any shocks on interest rates or the monetary base. The results are generally consistent with those presented in the Bank's Comprehensive Assessment released in September 2016, which estimated the effects of QQE on economic and price developments based on a large-scale semi-structural model of Japan's economy.
3  The effects of the monetary easing are exerted so indirectly through mainly interest rates that people cannot feel them easily. However, I would like to emphasize that the monetary easing in fact has been underpinning the economy firmly from various aspects as I explained earlier.