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, 6 November 2023.

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 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. I look forward to exchanging views with you today. In order to deepen its understanding on the positive effects and side effects of the unconventional monetary policy measures that have been implemented over the past 25 years, and to gain insights that will be useful for future policy conduct, the Bank has been reviewing monetary policy from a broad perspective. In proceeding with the review, it has been exchanging views with people in various fields. I would appreciate hearing your candid opinions today on topics such as Japan's economic activity and prices, changes in corporate behavior, and the positive effects and side effects of the Bank's various policy measures over the past 25 years.

Before hearing from you, I would like to talk about developments in Japan's economic activity and prices and explain the Bank's thinking on the conduct of monetary policy, while outlining the latest Outlook for Economic Activity and Prices (Outlook Report), which was released last week.