It is my great honor to address the Bank of Japan conference, hosted by the Institute for Monetary and Economic Studies. On behalf of my colleagues at the Bank of Japan, I welcome all the distinguished guests from central banks, international organizations, and academia.
The role of monetary policy When I took office as Governor of the Bank of Japan about two months ago, I read again Professor Milton Friedman's well-known presidential address, "The Role of Monetary Policy," given at the American Economic Association Annual Meeting in 1968, recalling my days as a student of Friedman's last class at the University of Chicago.