25  For a fuller discussion of lowering the inflation target, see Lesetja Kganyago “Inflation targeting at 21 – Lessons for the future” 8 September 2021. Available at: https://www.resbank.co.za/content/dam/sarb/publications/speeches/speeches-by-governors/2021/govkganyago/A%20public%20lecture%20by%20Lesetja%20Kganyago%20Governor%20of%20the%20South%20Afri can%20Reserve%20Bank%20at%20Stellenbosch%20University.pdf 26 Patrick Honohan and Athanasios Orphanides. “Monetary policy in South Africa: 2007-21” SA-TIEd Working Paper. No. 208. Available at: https://sa-tied.wider.unu.edu/article/monetary-policy-south-africa-2007-21  13  Thank you. 14
Effects of Demographic Change on Japanese Economy In the light of Japan’s experience, I will elaborate on three aspects, first, the economic growth rate, second, inflation and, third, the current account balance, of the impact of demographic changes from the viewpoint of macroeconomic performance.