BIS central bankers’ speeches  1  Japan is the third largest economy in the world and the recent natural disasters and the resulting nuclear meltdown have had effects beyond its borders. Major impacts have been felt on the international money and capital markets and on the supply chain of inputs into the important electronics and auto industries.
In particular, as the Committee noted in the statement issued after its June meeting, the extent and timing of any additional firming that may be needed to address inflation risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by our analysis of the incoming information. Thank you. I would be happy to take questions.