A few participants noted that the adoption by the Committee of an explicit numerical inflation objective could help keep longer-term inflation expectations well anchored.
インフレ目標2%に届かず、日銀は資産購入による長短金利操作を継続。
With the inflation rate below the target of 2%, the BOJ is expected to continue the long- and short-term interest rate control by purchasing assets.
LDP President[Shinzo] Abe stated yesterday in a speech that he would set an inflation target of 2 or 3 per cent and that the Bank of Japan should choose a policy of unlimited monetary easing.
Concrete inflation target. For example, it is necessary to announce that monetary policy will be conducted so as to encourage inflation toward one to three percent within two years, and to pursue the policy package.
The reason for this is that an inflation targeting policy is a device to hold a specific numerical target for the future inflation rate and make a commitment to achieving a situation that generates neither inflation above the target rate nor deflation.
When Federal Reserve policy makers were debating the adoption of an inflation target five years ago, the hawks pushed for a 1.5 percent goal as the best way to meet the central bank's price stability mandate.
However, the Bank of Japan will find achieving its FY2016 2% inflation target more difficult due to the drop in crude oil prices and the slower pace of recovery.
In my view, the shackles of inflation targeting made such permanent increases very hard to do at most advanced-economy central banks over the past decade.
Wages and commodity prices will rise more readily, and it would be possible to achieve the 2% inflation target set by the Bank of Japan's Governor Kuroda.
When these limits are reached and the burden falls solely on the policy rate, strict inflation targeting is not optimal, and the consequences of adverse exchange rate movements have to be taken into account.
The Consumer Price Index for the 2015 fiscal year is forecast at 2.5%(1.8% excluding the influence of the consumption tax rate increase), and it is expected that the 2% inflation target will be nearly achieved in approximately 2 years.
Then he asks,"How should the FOMC's inflation goals in the years following 2018 be influenced by the undershooting of the inflation target in the preceding years?".
The BOJ will cut interest rates further into negative territory if judged as necessary," the Bank of Japan said, adding it would continue as long as needed to achieve an inflation target of 2%.
追加金融緩和を行うが、財政規律重視が継続されるため需要不足からインフレ目標2%弱達成は困難。
Further financial easing will be carried out, but since the emphasis continues to be placed on fiscal discipline, a less than 2% inflation target will be difficult to achieve due to a shortage of demand.
CPIの伸びはインフレ目標以上に近い場合、中央銀行は利上げを行い、通貨も上昇する可能性が高いです。
If the CPI growth is close to the inflation target of a country or higher, a central bank will likely lift up its rate and a currency will rise as well.
Notice that all the three options are accompanied by inflation targeting, which improves the transparency and persuasiveness of monetary policy and consequently restrains the volatility of asset prices.
賃金、物価の上昇が定着しつつあり、黒田日銀総裁が掲げる15年のインフレ目標2%達成は可能である。
Wages and commodity prices will rise more readily, and it would be possible to achieve the 2% inflation target set by the Bank of Japan's Governor Kuroda.
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