Not for publication before October 3, 2017 12:30 Eastern Time  $ if our productivity had increased at the same pace as seen in the late 1990s. 1 And since productivity determines the level at which the economy can operate without creating inflationary pressures, understanding its evolution in an inflationtargeting regime like ours is vital to us at the Bank of Canada.
Outlook for Japan’s economic activity Next, I would like to turn to the Bank’s outlook for Japan’s economic activity. Japan’s economy is likely to continue its moderate expansion.