Appropriate to maintain current ultra-loose monetary policy.

There are demerits to our YCC policy.

Demerits of YCC include impact on market function.

Japan has yet to see conditions fall in place for inflation to stably, sustainably reach 2% target.

Distortion in yield curve remains but there are improvements seen.

BoJ will seek to improve market function by mixing bond buying with fund supply operation against pooled collateral.

BoJ will continue efforts to maximise impact of YCC while minimizing side-effects.

YCC is an extraordinary policy so must carefully weigh its benefits, costs.

Maintaining 2% inflation target is appropriate.

Our current policy was appropriate as economy, prices improved significantly.

There are debates overseas on what level of inflation would be appropriate to target for central banks.

For now, BoJ sees 2% inflation target as appropriate as it is a global standard.

Premature to debate exit from easy policy, including what to do with BoJ’s ETF holdings.

It's true buying etf is abnormal policy for a central bank.