The Bank of Japan was reported to have indicated for the first time that the inflation rate had reached the 2% target, looking back at the 11-year course of its massive monetary easing. The article focuses on the Bank of Japan's view and its background and does not address the outlook.
The Bank of Japan was reported to have presented the view that the inflation rate had effectively reached its 2% target.
This massive easing policy is positioned as an initiative lasting approximately 11 years since the Bank of Japan introduced its inflation target in 2013. It followed the Liberal Democratic Party's campaign commitment to achieve a “2% inflation target” after the general election at the end of 2012, together with the promotion of monetary easing through coordination between the government and the Bank of Japan.
The background to the Bank of Japan's explanation includes the framework of “Abenomics,” the economic policy pursued under the Abe administration to end deflation. The course of continuing and reviewing the easing measures has been discussed. The article looks back on this history and organizes the current view and its origins.