Both the Bundesbank’s office in Tokyo and the Bank of Japan’s office in Frankfurt provided an efficient channel for a vital bilateral flow of information. Germany stood side by side with Japan in the difficult times following the tragic events of 11 March, 2011. We are pleased to learn that the Japanese economy is on a path to recovery.
The Governing Council will continue to monitor closely the risks to the outlook for price developments over the medium term. In this context, we will focus in particular on the passthrough of our monetary policy measures, as well as on geopolitical, exchange rate and energy price developments.