Masazumi Wakatabe: Has Japan's economy changed? - Challenges and prospects

Speech by Mr Masazumi Wakatabe, Deputy Governor of the Bank of Japan, at the Japan Society, New York City, 3 October 2019.

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

Introduction

It is a great honor to have the opportunity to speak to you here at the distinguished Japan Society.

Has Japan's economy changed? My answer is both yes and no. The economy has been changing in a positive manner, but the change is far from over. I would like to talk about changes in Japan's economy and its challenges from a somewhat longer-term perspective.

"Because Japan has experienced decades-long stagnation, today's society is a very difficult place to live for you." This comes from a children's educational comic book published in August 2013. This phrase reflects the general mood back then, when the economy was under prolonged stagnation.