Next, I will elaborate on efforts that firms have made so far toward improving productivity, mainly in response to labor shortage, and will then outline future prospects. Lastly, I will explain the Bank's conduct of monetary policy. I. Japan's Economic and Price Developments Economic and Price Developments over the Past Six Years Let me start by looking back at developments in Japan's economy.
The economy has improved significantly over the past six years or so since 2013 (Chart 1). The current economic recovery phase, which began in December 2012, is likely to have reached 71 consecutive months this October. If this recovery continues, this month it will match the 73 months of the longest post-war recovery on record.