As for the effects on Japan's economy, higher prices of international commodities would not only accelerate inflation but also increase the outflow of income, and this might put downward pressure on the economy.
When put in perspective, the latest data continue to point to vigorous dynamics in the underlying rate of broad money expansion in the euro area. The continued robust expansion of money and credit reflects the low levels of interest rates over a prolonged period of time and the strengthening of economic activity in the euro area.