Kazuyuki Masu: Economic activity, prices, and monetary policy in Japan
Speech by Mr Kazuyuki Masu, Member of the Policy Board of the Bank of Japan, at a meeting, held by the Kagoshima Keizai Doyukai (Japan Association of Corporate Executives), Kagoshima, 14 May 2026.
Introduction
It is my pleasure to have the opportunity to address you today at the meeting held by the Kagoshima 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.
I will begin my speech by talking about recent developments in economic activity and prices in Japan and then move on to discuss the conduct of monetary policy, while offering my personal views. I hope my explanations regarding these points will help you better understand the overall picture of the factors the Bank is paying attention to in its conduct of monetary policy.
I. Economic Activity and Prices
U.S. Tariff Policy
Before discussing developments in economic activity and prices, I would first like to touch on some events that have taken place over the past year. In the 10 months since I was appointed as a member of the Policy Board in July 2025, two major events have given rise to problems internationally, both of which involve the United States.