Today, I would like to talk about the Bank's view regarding the economic and price developments on which its judgment was based and then explain the basic thinking behind the conduct of monetary policy. I. Economic Developments at Home and Abroad Let me start by talking about developments in overseas economies.
Overseas economies have been growing moderately on the whole, but the pace has continued to decelerate since the start of the year (Chart 1). According to the World Economic Outlook (WEO) Update released by the International Monetary Fund (IMF) in July, growth is forecast at 3.2 percent in 2019 on a year-on-year basis, marking a decline from the previous year's figure of 3.6 percent.