Global activity is still expanding, but growth in important euro area trading partners, such as China, has been moderating. This has been feeding through to lower euro area exports. Indeed, a large part of the growth slowdown in the third quarter of 2018 came from a weaker contribution from net exports.
December 26, 2019  Bank of Japan  Toward Sustaining a Virtuous Cycle Speech at the Meeting of Councillors of Nippon Keidanren (Japan Business Federation) in Tokyo  Haruhiko Kuroda Governor of the Bank of Japan (English translation based on the Japanese original)  Introduction It is a great honor to have this opportunity to address such a distinguished gathering of business leaders in Japan today.