I am pleased to have this opportunity today to talk about recent economic and financial developments and present an overall review of the Bank’s conduct of monetary policy. I. Economic and Financial Developments I will first explain recent economic and financial developments. Overseas economies have picked up from a state of significant depression.
They are likely to continue improving, but the pace is expected to be only moderate with the continuing impact of the novel coronavirus (COVID-19). Japan’s economy also has picked up with economic activity resuming, although it has remained in a severe situation due to the impact of COVID-19. Exports and industrial production have increased, reflecting developments in overseas economies.