Achieving the “price stability goal” and conduct of monetary policy The second point concerns the timing of achieving the price stability goal and its relationship with the conduct of monetary policy. In the Outlook Report published in April 2012, the median of the Policy Board members’ forecasts of CPI (all items less fresh food) for fiscal 2013 was 0.7 percent year on year.
Our decision to enhance monetary easing at that time was not made simply because our forecast fell short of the goal of 1 percent.