Thus, my judgment is not consistent with the assessment of the October 2013 Outlook Report placed in the final paragraph in Section III titled “Conduct of Monetary Policy,” which said that “Japan’s economy has been following the path toward achieving the 2 percent price stability target as expected.” I voted against this assessment and proposed that the  8  BIS central bankers’ speeches  expression “as expected” be replaced with “at a moderate pace.” This constituted the third point of my proposal.
By the time of the second quarter review in early November 2010, we had already raised policy interest rates five times. The central issue before this policy review was whether we should continue on the tightening spree or pause before resuming tightening later on. We consulted experts and economists and found that opinion was divided among them.