Masazumi Wakatabe: Japan's economy and monetary policy

Speech by Mr Masazumi Wakatabe, Deputy Governor of the Bank of Japan, at a meeting with local leaders, Okayama, 1 June 2022.

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

Introduction

Good morning. It is a great pleasure for me to meet with local leaders in Okayama Prefecture today. This is my first face-to-face meeting with local leaders in two years and four months. This year marks the 100th anniversary of the establishment of the Okayama Branch of the Bank of Japan. It is an honor to hold this meeting in such a momentous year. I would like to express my deepest gratitude for the great support provided for the branch's activities over the past 100 years. I would also like to ask for continued support over the next 100 years.

I will begin my speech by describing the current situation of the global and Japanese economies, followed by the conduct of monetary policy. In particular, I will examine inflation, which has been a major topic recently, by making comparisons with the Great Inflation to draw lessons for today. Lastly, I will talk about the current economic situation and outlook for Okayama Prefecture.