Hitoshi Suzuki: Economic activity, prices, and monetary policy in Japan

Speech by Mr Hitoshi Suzuki, Member of the Policy Board of the Bank of Japan, at a meeting with business leaders, Wakayama, 8 February 2018.

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

I would like to begin my speech by talking about overseas economies.

Overseas economies have continued to grow at a moderate pace on the whole in a situation where an improving trend in the business sentiment of manufacturing firms has been strengthening further on a global basis.

The U.S. economy has continued to recover firmly, mainly in household spending, owing to a steady improvement in the employment and income situation. Private consumption and housing investment have been on a moderate increasing trend, partly supported by this favorable employment and income situation. In terms of the outlook, the U.S. economy is expected to continue to see firm growth driven by domestic private demand.