The bubble Economy

The foundation for a gradual retrieval in lacquers deliverance is being laid as the environment for exports and business imagination have improved. This development occurs against the background of a cyclical muster up in global demand for IT-related goods as well as the progress of structural version, including the improvement of corpo rate profitability.

Structural adjustment of Japans prudence is but halfway complete, and many issues remain to be resolved. stern adjustment pressures have weighed heavily on the self-sustaining recovery of domestic demand, which needs to be duly taken into beak in the conduct of monetary policy.

Under such(prenominal) circumstances, the verify of Japan will continue to firmly maintain its quantitative respite policy until the consumer price index registers stably zero pct or an increase year on year. We think it essential to ensure that the current nascent economic recovery is vomit on a sustainable path. In this regard, on October 10, the Bank decided to take such measures as raising the upper limit of the target balance of current accounts in the bear on of more flexible and timely monetary operations.

We need to shake off the issues facing Japans economy, including structural adjustment, into a historical perspective that encompasses such issues as globalization and the maturity of Japans society and economy.



Hence, today I would like to look back upon the process of structural adjustment in the Japanese economy, and address current problems with a think on three key concepts, value added, risk and sustainability.

I. The lane to Date of the Japanese Economy

A. High Economic Growth

        I should obtain by reviewing the high economic growth period amongst 1955 and 1970. During this 15-year period, real GDP almost quadrupled with an annual growth rate of nearly 10 percent. Such high growth was just possible because of the potential endowed to Japans...

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