• Is not QE
  • BOJ aims to support private demand by pushing down long-term rates
  • Wants broad understanding of BOJ’s easy stance to boost economy
  • Japan economy somewhat overshooting BOJ’s forecasts
  • BOJ’s step aimed at ensuring economic, price recovery
  • Will take time for prices to return to desireable level. No miracle step that would lift prices
  • Will examine effect, drawbacks of each step in guiding monetary policy
  • BOJ policy alone cannot help beat deflation
  • Split vote will not hurt BOJ credibility