Takako Masai: Japan's economy and monetary policy

Remarks by Ms Takako Masai, Member of the Policy Board of the Bank of Japan, at the Ninth Japan Securities Summit, London, 8 March 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

It is a great honor to have the opportunity today to be a panel member at the ninth Japan Securities Summit.

Japan's economy had been suffering from deflation for more than 15 years, since the late 1990s, with the year-on-year rate of change in the consumer price index (CPI) being about zero or slightly negative. In such circumstances, the Bank of Japan has been conducting monetary policies in various unconventional ways for nearly 20 years (Chart 1).