Masazumi Wakatabe: Japan's economy and monetary policy

Speech (via webcast) by Mr Masazumi Wakatabe, Deputy Governor of the Bank of Japan, at a meeting with local leaders, Wakayama, 3 February 2022.

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

Introduction

Good morning. I am honored to have this opportunity today to exchange views with leaders in the fields of local government, economy, and finance in Wakayama Prefecture. I was dearly hoping to visit Wakayama and meet you in person but, in light of the current situation of the novel coronavirus (COVID-19) pandemic, we had to decide to hold this meeting online. I would like to take this chance to express my sincere gratitude for your cooperation with the activities of the Bank of Japan's Osaka Branch. Wakayama Prefecture is a region full of history and culture that has produced world-renowned intellectuals such as Minakata Kumagusu and outstanding entrepreneurs such as Matsushita Konosuke. It is also famous for the fact that successive lords of the Kishu clan recruited resourceful farmers like Ohata Saizo to work on civil engineering and flood control projects in the Kino River basin, and appointed Hanaoka Seishu and Motoori Norinaga to promote learning.

 Today, I would like to talk about the current situation and outlook for the global and Japan's economies, the Bank's conduct of monetary policy, and the current economic situation of Wakayama Prefecture.