Masazumi Wakatabe: Japan's economy and monetary policy

Speech by Mr Masazumi Wakatabe, Deputy Governor of the Bank of Japan, at a meeting with business leaders, Niigata, 5 December 2018.

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

It is my pleasure to have the opportunity today to exchange views with administrative, financial, and business leaders in Niigata Prefecture. I also would like to take this opportunity to express my sincere gratitude for your cooperation with the activities of the Bank of Japan's Niigata Branch.

This is my first time to attend a meeting of this kind since I was appointed Deputy Governor of the Bank of Japan in March this year. It is said that people here in the Echigo and Sado regions historically have overcome severe natural environment - such as dealing with heavy snow, crossing over mountain ridges, and managing floods - with diligence, patience, and great ingenuity.¹I would like to hear your views on the current status of the local economy, as well as your candid opinions about the Bank's policies and activities. First, I will briefly explain developments in Japan's economic activity and prices, and then talk about the Bank's conduct of monetary policy.