virtuous economic cycle is in place

consumer prices have remained somewhat weak

expect CPI to pick up toward 2% gradually

risks are tilted to downside for economy, prices

Board member Kataoka opposed assessment of prices in Economic Outlook Report

it is likely to take time to hit price target

will adjust monetary policy swiftly as needed to maintain momentum toward 2pct price target

aim is to boost trust in BOJ by clarifying guidance

fully possible time frame under forward guidance could spring 2020

made it clear that the guidance applies for long time

our forward guidance is based on state of economy and prices

some had seen rate increase coming right after tax hike -BOJ judgements are data dependent