Masayoshi Amamiya: Japan's economy and monetary policy

Speech by Mr Masayoshi Amamiya, Deputy Governor of the Bank of Japan, at a meeting with business leaders, Kagoshima, 1 August 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 today to exchange views with administrative, financial, and business leaders in Kagoshima Prefecture. I would like to take this opportunity to express my sincere gratitude for your cooperation with the activities of the Bank of Japan's Kagoshima Branch.

At the outset, I would like to offer my heartfelt sympathies to those who are suffering from the heavy rain since end-June. I understand that the disastrous damage is still evident in the region and sincerely hope for a swift and full recovery.

At the Monetary Policy Meeting (MPM) held two days ago, the Bank updated its projections for Japan's economic activity and prices through fiscal 2021 and released them in its quarterly report, the July 2019 Outlook for Economic Activity and Prices (Outlook Report). Today, I would like to explain the Bank's view on developments in economic activity and prices as well as the recent conduct of monetary policy, while outlining the July Outlook Report.