Haruhiko Kuroda: Toward sustaining a virtuous cycle

Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the meeting of Councillors of Nippon Keidanren (Japan Business Federation), Tokyo, 26 December 2019.

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

Central bank speech  | 
27 December 2019


It is a great honor to have this opportunity to address such a distinguished gathering of business leaders in Japan today.

It is only a week before the first year of the new Reiwa era comes to an end. Today, in wrapping up 2019, I would first like to take a look back at this year's economic developments at home and abroad and talk about the Bank of Japan's conduct of monetary policy. Then, I will touch on developments in Japan's economy from a somewhat long-term perspective and future challenges. Specifically, I will explain the mechanism of the virtuous cycle operating in Japan's economy and the challenges to sustaining this cycle.

I. This Year's Economic Developments at Home and Abroad