October 4, 2019  Bank of Japan  Has Japan's Economy Changed? : Challenges and Prospects Speech at the Japan Society in New York (New York, October 3)  Masazumi Wakatabe Deputy Governor of the Bank of Japan  Introduction It is a great honor to have the opportunity to speak to you here at the distinguished Japan Society. Has Japan's economy changed?
);  -  Combating strong inflationary pressures requires high interest rate in real terms, which affects the exchange rate, namely discrepancy of the real exchange rate from its equilibrium long-term level;  -  Many countries were and still are faced with appreciation and what is happening to us is only part of the usual process – both in terms of duration and intensity.