The Bank, with the recognition that Japan’s economy is faced with the critical challenge of overcoming deflation and returning to the sustainable growth path with price stability, has been purchasing various assets, including risk assets, and, at the same time, ventured into taking an extraordinary measure, as a central bank, to support strengthening foundations for economic growth.
Meanwhile, global commodity prices have weakened, with collateral benefits to net commodity importers and terms of trade losses for commodity exporters. The developments emanating from drone strikes on Saudi oil facilities are, however, still playing out.