Examples of using Clear commitment in English and their translations into Japanese
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The first element was to dispel people's deflationary mindset and raise inflation expectations by making a strong and clear commitment to achieve the price stability target of 2 percent at the earliest possible time and implementing large-scale monetary easing measures to underpin the commitment. .
And third, the clear commitment to achieve the price stability target at the earliest possible time and the continuation of massive purchases of assets underpinning this commitment are thought to drastically change the expectations of markets and economic entities.
The Bank raises inflation expectations through a strong and clear commitment to achieving the price stability target of 2 percent and large-scale monetary easing to underpin the commitment(Chart 6). At the same time, the Bank exerts downward pressure on nominal interest rates across the entire yield curve through massive purchases of Japanese government bonds JGBs.
This framework of powerful monetary easing consists of two pillars:(1) a strong and clear commitment to achieving the price stability target of 2 percent at the earliest possible time and(2) large-scale purchases of short- to long-term government bonds to reduce long-term interest rates.
Looking at the mechanism behind this rise, it appears that, in the first instance, the Bank's strong and clear commitment to overcome deflation through QQE, together with bold monetary easing to underpin this commitment, has affected expectations of economic entities, and inflation expectations started to rise.
Inflation expectations responded positively to the Bank's strong and clear commitment to achieving the 2 percent inflation target and its large-scale monetary easing policy to underpin this commitment; as a result, many indicators of inflation expectations showed clear increases in a relatively short period Chart 8.
Specifically, in terms of the policy transmission mechanism, we intend to raise inflation expectations through a strong and clear commitment to achieve the price stability target of 2 percent, and at the same time to exert downward pressure across the entire yield curve through massive purchases of government bonds.
The JXTG Group will not tolerate bribery in any form. We have internal regulations in place to prevent bribery at our Group companies inside and outside of Japan, and all officers and employees actively work under a clear commitment by management to prevent bribery.
Let me explain the transmission mechanisms of QQE in more detail. First, QQE raises inflation expectations through the Bank's strong and clear commitment to achieving the price stability target of 2 percent at the earliest possible time and through large-scale monetary easing to underpin the commitment. .
The conclusion we reached was, first, to show our clear commitment to achieving the 2 percent price stability target in a stable manner as soon as possible, and, second, to underpin this determination by launching massive monetary easing that clearly differed from the past policies.
Through the implementation of large-scale monetary easing under the strong and clear commitment toward achieving the price stability target of 2 percent, people's basic view on monetary policy has changed drastically, bringing about a rise in inflation expectations and a decline in nominal interest rates across the entire yield curve.
The first is the Bank's strong and clear commitment to achieving the price stability target of 2 percent at the earliest possible time, which is underpinned by a large-scale monetary easing, thereby drastically converting the deflationary mindset among people and raising inflation expectations.
Namely, the starting point of its effects is to convert people's deflationary mindset and raise their inflation expectations with the Bank showing its strong and clear commitment to achieving the price stability target of 2 percent.
The main transmission mechanism of QQE is lowering the real interest rates by(1) exerting downward pressure on the interest rates across the entire yield curve through massive purchases of Japanese government bonds(JGBs) and(2) raising people's inflation expectations through the Bank's strong and clear commitment.
While providing ample funds to the money market, made a clear commitment to continue the quantitative easing policy until the year-on-year rate of change in the consumer price index(CPI; excluding fresh food, on a nationwide basis) registered zero percent or higher on a sustainable basis.
The clear commitment by the Bank to achieve the inflation target and the large-scale monetary easing to underpin that commitment will raise inflation expectations. In addition, with short-term nominal interest rates almost at 0 percent, the policy will exert downward pressure on expected long-term real interest rates by containing upward pressure on long-term nominal interest rates through the massive purchases of long-term government bonds.
It is because the Bank presented a time frame of achieving the price stability target at the earliest possible time with a time horizon of about two years, and made a clear commitment that it will do whatever is necessary to achieve that target that the perception of inflation by firms and households started to change and the mechanism of QQE started to operate.
The main transmission mechanism of QQE is envisaged as pushing down real interest rates by lowering nominal rates across the entire yield curve by large-scale purchases of Japanese government bonds(JGBs) and by raising inflation expectations through a strong and clear commitment toward achieving the price stability target of 2 percent.
In previous meetings Greece had requested a review of the primary budget surplus to 1.5%, which is much more favorable than the current 3% forecast gross domestic product in 2015 and 4.5% for 2016. However, it would seem that the official request that Greece submitted there is a clear commitment on this topic.
With regard to the first one, the key is whether real interest rates will decline further-- in other words, whether people's medium- to long-term inflation expectations will rise further only with the Bank's"strong and clear commitment"-- in a situation where it is becoming difficult for nominal interest rates to decline.