We also need to watch the development of this global low inflation phenomenon further, to see whether it can be sustained in the time ahead. Recently, the prices of raw materials such as oil and copper have risen sharply in line with the continuing rapid growth in emerging countries like China, and wages in these countries have also begun to rise gradually.
In these respects, there is a latent possibility of the disinflationary effects of globalization we have experienced so far shifting into reverse in the future. Another aspect of globalization, the integration of domestic and foreign financial markets, has led to many difficulties in the practical conduct of monetary policy.