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Japan's Economy and Monetary Policy: Toward Overcoming Deflation
It is a great honor to have this opportunity to address you today at the Naigai Josei Chousa Kai. The Bank of Japan introduced a new regime of monetary easing called "quantitative and qualitative monetary easing" (QQE) this April with a view to achieving the price stability target of 2 percent in terms of the year-on-year rate of change in the consumer price index (CPI) at the earliest possible time, with a time horizon of about two years. It has been three months since the introduction of the QQE, and there have been favorable developments spreading to financial markets and the real economy, and the public's ... (full story)