Naoki Tamura: Economic activity, prices and monetary policy in Japan
Speech by Mr Naoki Tamura, Member of the Policy Board of the Bank of Japan, at a meeting, held by the Kanagawa Keizai Doyukai, Yokohama, 13 February 2026.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Introduction
It is my pleasure to have the opportunity to address you today at the meeting held by the Kanagawa Keizai Doyukai. I would like to take this chance to express my sincere gratitude for your cooperation with the activities of the Bank of Japan.
Today, I would like to talk about Japan's economic activity and prices, and the Bank's conduct of monetary policy, while sharing my own views. Afterward, I look forward to hearing your questions and opinions.
I. Economic Activity and Prices
A. Current Situation and Outlook for Economic Activity in Japan
I will begin by talking about developments in economic activity in Japan. The Bank assesses that the economy has recovered moderately, although some weakness has been seen in part.