Haruhiko Kuroda: Japan's economy and monetary policy

Speech (via webcast) by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at a meeting with business leaders, Osaka, 23 September 2020.

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

Central bank speech  | 
23 September 2020


It is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Kansai region, which is taking place online this year due to the continued impact of the novel coronavirus (COVID-19). I would like to take this chance to express my sincerest gratitude for your cooperation with the various activities of the Bank of Japan's branches in Osaka, Kobe, and Kyoto.

At the outset, I would like to talk about the Bank's view on economic developments at home and abroad that are affected by COVID-19 and then explain the thinking behind the recent conduct of monetary policy.

I. Economic Developments at Home and Abroad

Let me start by talking about economic developments at home and abroad. In response to the global spread of COVID-19 from the turn of this year, many countries and regions have conducted strict public health measures since early spring, such as restrictions on going outside and suspension of business and production activities. As a result, the global economy became depressed significantly in the first half of the year.