*  *  *  Introduction It is my great honor to have the opportunity to address you today at the Naigai Josei Chosa Kai. At the Monetary Policy Meeting held on October 30, the Bank of Japan produced the Outlook for Economic Activity and Prices (Outlook Report) and published its projections for Japan’s economic activity and prices through fiscal 2017.
Looking at the recent economic developments, Japan’s exports and production have been sluggish, reflecting the slowdown in emerging economies, particularly China. On the price front, the year-on-year rate of change in the consumer price index (CPI, all items less fresh food) has declined and reverted to about 0 percent, due mainly to the effects of the substantial decline in crude oil prices.