Thereafter, the rate of increase in the CPI has slowed against the background of somewhat weak developments in demand following the consumption tax hike and the substantial decline in crude oil prices since summer 2014.
Such synchronous growth across these regions has not been seen in many years. Data we have received since mid-April, notably with respect to the US economy, continue to suggest the global economy is expanding roughly as expected. And while global financial markets continue to function well, financial stresses have recently developed in some emerging-market economies as well as in Europe.