Taking into account inflation expectations, pricing behavior and the course of other factors affecting inflation,the tight monetary policy stance will be maintained.
The baseline monetary policy stance is formulated under the assumption that fiscal discipline will be maintained and there will be no unanticipated hikes in administered prices and taxes.
If we say"our monetary policy stance remains accommodative," this means that actual real interest rates are kept at a level below the equilibrium real interest rate.
A released statementtoday concluded,“at the current level of the OPR, the stance of monetary policy is accommodative and supportive of economic activity.
I personally thought at the time that, with a view to minimizing negative spillover effects from the volatile U.S. and European financial markets to Japan, it was important for the Bank to reiterate the following points: first, the situation required the Bank to be cautious about both downside risks to the economy and upside risks to inflation;and second, the monetary policy stance of major central banks should differ.
As long as incoming information about the economy remains broadly consistent with this outlook,the current stance of monetary policy likely will remain appropriate.”.
First, although I am in favor of terminating the zero interest rate policy,I do not believe that the Bank should shift its monetary policy stance toward tightening in one stroke.
現在の金融政策のスタンスは適切。
Current monetary policy stance is appropriate.
現在の金融政策のスタンスは適切。
The current stance of monetary policy is appropriate.
現状の非常に緩和的な金融政策のスタンスは経済活動を大きく支援している。
The current very accommodative stance of monetary policy lends considerable support to economic activity.
The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflatio.
The adjustment of the current very accommodative monetary policy stance is warranted in the light of upside risks to price stability that we have identified in our economic analysis.
Moreover, a few participants saw a continuation of the current stance of monetary policy as posing some upside risk to inflation expectations and actual inflation over time.
An example of this would be a case where forward guidance results in a clearer understanding by the markets and the public of a central bank's policy reaction function. They thus adjust their expectations accordingly,even if the central bank's monetarypolicy stance is constant.
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