① The pace of policy adjustments depends on the economy and inflation. If the economic outlook is realized, interest rates will be raised; the possibility that the economic outlook will be realized is rising. ② It is difficult to determine the specific neutral interest rate level in advance. Currently, it is still some distance from the low end of the neutral interest rate range; if there is an opportunity, I would like to recalculate the neutral interest rate. ③ If interest rate hikes are too late, they may be forced to raise interest rates drastically and quickly in the future; there is no denying the risk that interest rate hikes will exceed neutral interest rates. ④ We will not directly comment on changes in long-term yields; we will closely monitor fluctuations in long-term treasury bond yields, and will flexibly purchase bonds if necessary. ⑤ We are watching the impact of a weak yen on price trends.

① The pace of policy adjustments depends on the economy and inflation. If the economic outlook is realized, interest rates will be raised; the possibility that the economic outlook will be realized is rising. ② It is difficult to determine the specific neutral interest rate level in advance. Currently, it is still some distance from the low end of the neutral interest rate range; if there is an opportunity, I would like to recalculate the neutral interest rate. ③ If interest rate hikes are too late, they may be forced to raise interest rates drastically and quickly in the future; there is no denying the risk that interest rate hikes will exceed neutral interest rates. ④ We will not directly comment on changes in long-term yields; we will closely monitor fluctuations in long-term treasury bond yields, and will flexibly purchase bonds if necessary. ⑤ We are watching the impact of a weak yen on price trends.