However, distinct narrowing in the output gap is  1  2  This report was written based on data and information available when the Bank of Japan Monetary Policy Meeting was held on August 13, 1999.
The Bank’s view on recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on August 13 as the basis of monetary policy decisions. 1  BIS Review 89/1999  unlikely for the time being even though the economy has stopped deteriorating, and wages continue to decline. Thus, downward pressure on prices is expected to remain.