Haruhiko Kuroda: Outlook for economic activity and prices and monetary policy

Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at a meeting held by the Naigai Josei Chosa Kai (Research Institute of Japan), Tokyo, 17 May 2019.

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

Introduction

It is my pleasure to have the opportunity to address you today at the Naigai Josei Chosa Kai.

At the Monetary Policy Meeting (MPM) held at the end of last month, the Bank updated its projections for Japan's economic activity and prices through fiscal 2021 and released them in the April 2019 Outlook for Economic Activity and Prices (Outlook Report). In addition, with a view to making clearer its policy stance to persistently continue with powerful monetary easing, the Bank decided to take some additional monetary policy measures. Today, I would like to talk about the Bank's outlook for Japan's economic activity and prices based on the Outlook Report, as well as its current thinking behind the conduct of monetary policy, including the decision at the recent MPM.

I. Economic Developments

Developments in Overseas Economies

Let me start by talking about developments in overseas economies.