Corporate Program

Recent Developments in Japan’s Economy & Monetary Policy

The Bank of Japan has been conducting Quantitative and Qualitative Monetary Easing (QQE) to overcome deflation. The QQE is an unprecedented policy initiative to exert effects on inflation expectations of firms and households which had stayed at low levels compared to those in other leading economies. The QQE is also a policy which faces a challenge of containing nominal rates at low levels. Since the introduction of the QQE in April 2013, economic activity and prices in Japan have been largely in line with the Bank’s baseline scenario that is consistent with achieving a 2 percent inflation rate in about two years. In his remarks, Takehiro Sato, a policy board member of the Bank of Japan, and a former Managing Director, Chief Economist at Morgan Stanley Japan, argues his outlook for Japan’s economy and prices including the impact of the QQE, covering such topics as Japan's external balance and the fiscal and debt sustainability.

Takehiro Sato, Member of the Policy Board, Bank of Japan

Ethan Harris,
Co-Head of Global Economics Research, Bank of America Merrill Lynch Global Research

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February 2018

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