Statement by Mr Haruhiko Kuroda, Governor of the Bank of Japan, before the Committee on Financial Affairs, House of Councillors, Tokyo, 26 May 2020.
Introduction
The Bank of Japan submits to the Diet its Semiannual Report on Currency and Monetary Control every June and December. I am pleased to have this opportunity today to talk about recent economic and financial developments and present an overall review of the Bank's conduct of monetary policy.
I. Economic and Financial Developments
I will first explain recent economic and financial developments.
The global economy has become depressed rapidly, reflecting the impact of the novel coronavirus (COVID-19) pandemic. Economic activity has been disrupted significantly
worldwide as a result of preventive measures against the spread of COVID-19 taken by each country and region, such as restrictions on going outside and immigration/emigration.