Although inflation rates have declined compared with some time ago, developments in emerging and commodity-exporting economies – which are expected to lead the global economy – also remain highly uncertain in terms of the extent to which they can grow without causing a resurgence of inflation.
2  BIS central bankers’ speeches  In terms of uncertainties, we monitor the recent appreciation of the yen. The development in the foreign exchange market since last summer is closely linked to changes in global investors’ risk aversion against the background of the European debt problem.