December 26, 2022  Bank of Japan  Toward Achieving the Price Stability Target in a Sustainable and Stable Manner, Accompanied by Wage Increases Speech at the Meeting of Councillors of Keidanren (Japan Business Federation) in Tokyo  KURODA Haruhiko Governor of the Bank of Japan (English translation based on the Japanese original)  Introduction It is a great honor to have this opportunity to address such a distinguished gathering of business leaders in Japan today.
The year is almost coming to a close. Looking back on 2022, domestic and overseas economies have been hit by various shocks, while the impact of the novel coronavirus (COVID-19) has persisted. Russia's invasion of Ukraine has triggered a rapid rise in prices of commodities, including energy and grains.