*  *  *  Introduction The Bank of Japan submitted its Semiannual Report on Currency and Monetary Control for the second half of fiscal 2003 to the Diet in June 2004. I am pleased to have this opportunity to present an overall review of the Bank’s conduct of monetary policy. I. Developments in Japan’s economy  Japan’s economy continues to recover.
It should return within the 3±1.5% target band by mid-2024. There are still risks, though, and it is for this reason that we continue to keep a close eye on international and domestic factors, ready to respond with all instruments on hand.