The run-up in deposits has been driven, in part, by RBA purchases of government bonds from non-banks, as well as the indirect effects of the TFF (Graph 3). [4] In short, the availability of the TFF, along with the large increase in low-cost deposits, have combined to reduce banks' cost of funds to historic lows.
According to the April 2018 World Economic Outlook (WEO) released by the International Monetary Fund (IMF), the global growth rate was projected at 3.9 percent in each of 2018 and 2019, up slightly from 3.8 percent in 2017. B. Recent Developments in Japan's Economy Next, I will discuss developments in Japan's economy.