In this situation, prices in Japan have shown somewhat different developments recently compared with those in other countries. Looking at the long-term price trends, the inflation rate has risen in Japan while it has declined in the United States and Europe.
In my view, the background to the situation where the inflation rate in Japan has been rising in general, despite the global trend of prices not rising easily, reflects in substantial part the powerful monetary easing that the Bank has been pursuing based on the joint statement with the government in January 2013. 2.