Credit growth has also become more broadly based across sectors, with borrowing both by households – especially for house purchase – and by non-financial corporations growing more strongly. Monetary growth continues to be driven mainly by the expansion of its most liquid components.
Developments in Economic Activity and Prices I would like to start my speech with a look at developments in economic activity and prices. Following the discussion at the Monetary Policy Meeting (MPM) held on July 29 and 30, 2019, the Bank of Japan published the Outlook for Economic Activity and Prices, or the Outlook Report.