Today, I will review economic activity and prices in Japan, whose economy has been recovering moderately, and then discuss the Bank’s monetary policy. My concluding remarks will touch briefly on the economy of Okayama Prefecture. Following my speech, I would like to listen to your views on the actual situation of the local economy and to your candid opinions. I.
Recent developments in economic activity and prices  A. Continued moderate recovery in Japan’s economy  Japan’s economy returned to a moderate recovery path in mid-2013 and has continued to recover moderately as domestic demand has been firm (Charts 1 and 2). I will elaborate on the recent developments related to Japan’s economy.