Toshihiko Fukui: Bank of Japan’s view on developments in economic activity and its conduct of monetary policy Summary of a speech by Mr Toshihiko Fukui, Governor of the Bank of Japan, at a meeting with business leaders, Osaka, 5 November 2007.
But during the Depression, TFP grew so rapidly that it had recovered to its pre-Depression trend within three years after bottoming out in 1933. 3 There was also a dramatic turnaround in real output, employment, and unemployment, but this turnaround was much more delayed.