December 1, 2021  Bank of Japan  Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Local Leaders in Oita  ADACHI Seiji Member of the Policy Board  (English translation based on the Japanese original)  I. Economic Activity and Prices A. Economic Activity 1.
In parallel, and supported by the ECB’s comprehensive monetary policy measures, bank loans to the real economy have recovered steadily from their cyclical (and historical) troughs and, towards the end of last year, were increasing at their fastest pace since the crisis.6 This suggests that a sound regulatory framework is an essential element of a country’s growth agenda.