measures taken in december 2022 to expand the range of 10 - year jgb yield fluctuations, the various deliberations with regard to its jgb purchase operations, and, furthermore, in part to the recent global decline in interest rates ( chart 8 ). b. policy responses to covid - 19 and forward guidance at the monetary policy meeting ( mpm ) held in march 2020, when covid - 19 started to exert a severe impact on japan's economy, the bank decided to take three measures, including the special program to support financing in response to the novel coronavirus ( covid19 ) ( the special program ), and it has continued with them through the addition of amendments ( chart 9 ). concurrently, the bank introduced a forward guidance that it will closely monitor the impact of covid - 19 for the time being and will not hesitate to take additional easing measures if necessary, and as for the policy rates, the bank added that it expects short - and long - term interest rates to remain at their present or lower levels. although the risk of a resurgence of covid - 19 remains, the pandemic, after three years since its outbreak, is finally becoming a thing of the past. at the same time, i would like to reiterate that uncertainties surrounding economies and financial markets at home and abroad have become extremely high. in view of such situation, at the april 2023 mpm, the bank deleted the description associated with the pandemic from its forward guidance for monetary policy and made clear its stance that it " will patiently continue with monetary easing while nimbly responding to developments in economic activity and prices as well as financial conditions. by doing so, it will aim to achieve the price stability target of 2 percent in a sustainable and stable manner, accompanied by wage increases. " the new guidance shows the bank's strong commitment to patiently maintain its monetary accommodation, with a continued aim to achieve the price stability target in a sustainable and stable manner. c. broad - perspective review of monetary policy also at its april 2023 mpm, the bank decided to conduct a broad - perspective review of monetary policy, with a planned time frame of around one to one and a half years. it will go over the various monetary easing measures it has implemented with the aim of achieving price stability since the late 1990s, when japan's economy fell into deflation. the direction of the review is entirely a matter for upcoming discussions, but in what follows i

, “ inflation, uncertainty, and monetary policy ” ( speech at the “ prospects for growth : reassessing the fundamentals ” 59th annual meeting of the national association for business economics, cleveland, ohio, september 26, 2017 ), www. federalreserve. gov / newsevents / speech / yellen20170926a. htm. we are committed to continuing chair yellen ’ s legacy. in our service to the american people, we recognize that our monetary policy, financial stability, and supervisory activities have an important influence on the financial health of americans in communities across the country. promoting community development is one of the key purposes and functions of the federal reserve, and we have a responsibility to ensure that consumer and community perspectives inform federal reserve policy, research, and actions, including vulnerable communities. 7 in his inaugural remarks as chairman, jay powell underscored that it is our duty at the federal reserve to “ approach every issue through a rigorous evaluation of the facts, theory, empirical analysis, and relevant research. ” 8 that lens informs our community development responsibilities : we seek to learn from the experience of manufacturing workers, homeowners, community bankers, nonprofit executives, community organizers, and small business owners to help inform our policymaking. 9 under chair yellen ’ s leadership, the board of governors established a community advisory council ( cac ) to help provide regular insights into the conditions facing low - and moderate - income communities. 10 recently, cac members provided informative public comments to the board on the community reinvestment act and current market conditions within low - and moderate - income communities. 11 see the 10th edition of the federal reserve system purposes & functions at www. federalreserve. gov / aboutthefed / files / pf _ 7. pdf. see jerome h. powell, remarks ( speech at the ceremonial swearing - in at the federal reserve board, washington, d. c., february 13, 2018, www. federalreserve. gov / newsevents / speech / powell20180213a. htm. for examples of the federal reserve ’ s analysis of community and household economic issues, see the survey of household economics and decisionmaking, small business credit survey, and investing in america ’ s workforce. “ the community advisory council ( cac ) was formed by the federal reserve board in 2015 to offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular