Kazuo Ueda: Japan's economy and monetary policy
Speech by Mr Kazuo Ueda, Governor of the Bank of Japan, at a meeting with business leaders, Nagoya, 1 December 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Introduction
It is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Kansai region. I would like to take this chance to express my sincerest gratitude for your cooperation with the activities of the Bank of Japan's branches in Osaka, Kobe, and Kyoto. It is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Tokai region. 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 Nagoya Branch.
As the Tokai region is one of Japan's largest exporting bases, we at the Bank, myself included, listen with great interest to the report from the General Manager of the Nagoya Branch at the meeting of general managers of the Bank's branches held quarterly. I am glad to be able to hear your views directly today. Before hearing from you, I would like to talk about developments in economic activity and prices at home and abroad and explain the Bank's thinking on the conduct of monetary policy.
I. Economic Activity and Prices
A. Overseas Economies
I would like to begin by talking about developments abroad. Overseas economies have grown moderately on the whole, although some weakness has been seen in part, reflecting trade and other policies in each jurisdiction.