Haruhiko Kuroda: Hopes for the Japanese and U.S. business communities - economic recovery from the COVID-19 crisis and efforts to address climate change

Speech (via webcast) by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the 58th Japan-U.S. Business Conference, 6 October 2021.

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

Introduction

It is an honor to have the opportunity today to address the representatives of the business communities at the Japan-U.S. Business Conference, which started 60 years ago.

For the first time in about 20 years, Japan is renewing its banknotes. The person chosen for the portrait on the new 10,000-yen note is Shibusawa Eiichi, an entrepreneur known as the "father of modern Japanese capitalism." Shibusawa was passionate about private exchanges between Japan and the U.S. and in 1909 led a group of about 50 entrepreneurs on a visit to the U.S. They met with then President William Taft, Thomas Edison - the "king of inventors" - and other prominent figures in various fields, and realized that the U.S. economy enjoyed remarkably high growth. Shibusawa's business mission to the U.S. was the starting point for a series of exchanges between the business communities of the two countries; such exchanges continue to this day, including through this business conference, and have contributed considerably to the development of both economies. It is encouraging to see you all continuing to have a dialog even during the COVID-19 pandemic.

Today, I would first like to share my views on the characteristics of the U.S. and Japanese economies, which come to light when comparing responses of the two to the same shock - the pandemic. I will then talk about my hopes for the Japanese and U.S. business communities in addressing climate change, which is one of the important common challenges for the coming decades, while outlining the Bank's recent policy actions to address this issue.