However, this rate of inflation remains lower than those of the  10  BIS central bankers’ speeches  United States and the euro area. While a wide range of consumption items have shown a mild increase, the major factors contributing to the increase arise from energy prices, administrative prices, and the lagged impact of the yen’s depreciation at this stage.
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.