These economies are likely to increase gradually, due mainly to the spread of the effects of steady growth in advanced economies. B. Japan's economy and price developments 1. Current situation Now I would like to discuss developments in economic activity and prices in Japan. The Bank's assessment is that Japan's economy is expanding moderately, with a virtuous cycle from income to spending operating.
In fiscal 2017 to date, the Bank has revised its economic 1/6  BIS central bankers' speeches  assessment upward twice.