Raising of YCC allowance band does not signify a tightening of monetary policy.

If central banks hold rate hikes and inflation comes down, the risk of hard landing will be reduced.

Japan's economy recoverying gradually.

When inflation expectations are in a stage of rising, some flexibility is needed to continue easy policy under YCC.

Chinese economy facing risk of deflation or 'japanisation'.

Need to pay close attention to fiscal, monetary policy response to low inflation by chinese authorities from now on.

There are signs of upward price pressures coming down.

Term mission is to realise a situation where wage growth does not fall short of inflation as soon as possible through persistent monetary easing.

The trend of passing on costs for raw materials is widely continuing.

Japan needs to shake off the 'zero norm' of prices and wages in order for nominal wage increase to exceed 2% as a trend.

3% nominal wage growth would correspond with 2％ inflation target.