Haruhiko Kuroda: Japan's economy and monetary policy

Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the Kisaragi-kai Meeting, Tokyo, 7 December 2017.

Introduction

It is my great pleasure to have the opportunity today to speak at the Kisaragi-kai meeting.

The last time I gave a speech at the Kisaragi-kai meeting was early September last year. Two weeks after that, the Bank of Japan conducted a comprehensive assessment of the developments in economic activity and prices as well as of the policy effects under quantitative and qualitative monetary easing (QQE), and decided to introduce a new framework for strengthening monetary easing - "QQE with Yield Curve Control." While more than a year has passed since then, highly accommodative financial conditions have been maintained in Japan under this framework, and the economy has continued to improve. Today, I would like to first explain the Bank's view on the recent economic and price developments in Japan, and then talk about its thinking behind the conduct of monetary policy.