Monetary policy has been supportive, given low inflation, the high exchange rate and slow labour market recovery. Rising house prices and household debt pose risks to financial stability which may require tighter prudential policies.
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While still disappointing, the global economy is moving forward, at multiple speeds. These multiple speeds reflect different paths towards self-sustained growth, with each path carrying its own mix of risks.
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Ending 15 years of deflation is a priority. The Bank of Japan’s new commitment to a 2% inflation target and "quantitative and qualitative monetary easing" is welcome. Aggressive monetary easing will boost growth and inflation.
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