Outlook for economic activity and prices  Although adverse effects from the slowdown in overseas economies and the appreciation of the yen may continue for the time being, Japan’s economy is expected to return to a moderate recovery path as reconstruction demand following the disaster gradually materializes.
Of course, the case for any additional easing would have to be made on its own merits. And, like the 19th century settlers of the American West, the Committee will have to keep its eye on the future when deciding about the present. Thanks for your attention. I’m happy to take your questions. References Blanchard, Olivier J., and Jordi Galí. 2007.