Yukitoshi funo biography of rory

The business sentiment of manufacturing firms on a global basis has maintained its improving trend, and the world trade volume has continued to recover. In this situation, overseas economies have continued to grow firmly on the whole. In terms of the outlook, overseas economies are expected to continue growing firmly. Looking at developments by major region, the U.

The Chinese economy has continued to see stable growth on the whole. Other emerging economies and commodity-exporting economies have been recovering moderately on the whole, reflecting in particular an increase in exports and the effects of those economies' stimulus measures. As for the outlook, the U. The Chinese economy is likely to broadly follow a stable growth path as authorities conduct fiscal and monetary policy in a timely manner.

Other emerging economies and commodity-exporting economies are likely to continue their moderate recovery on the whole. Risk factors to the overseas economic outlook are wide ranging, as exemplified by 1 the U. In addition, uncertainty is high regarding future developments in trade policies worldwide, and therefore these developments warrant attention.

I hold the view that it is important to stay vigilant regarding these risk factors, especially now that overseas economies are continuing to grow firmly. I will now discuss the economic situation in Japan. Japan's economy is expanding moderately, with a virtuous cycle from income to spending operating.

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The real GDP growth rate continued to represent positive growth for eight consecutive quarters on a quarter-on-quarter basis through the October-December quarter ofand thereafter registered minus 0. While the contribution of net exports on real GDP growth has remained slightly positive, that of domestic private demand has been relatively weak.

With regard to the outlook, Japan's economy is likely to continue its moderate expansion. In fiscalthe economy will probably continue growing at a pace above its potential. Meanwhile, exports are expected to continue their moderate increasing trend on the back of the firm growth in overseas economies. In terms of Miyagi Prefecture, given that there has been an increase in regularly scheduled domestic and international flights at Sendai International Airport, the number of passengers using the airport in fiscal registered a record high, and this is expected to contribute to the regional economy through tourism.

In fiscal andJapan's economy is expected to continue on an expanding trend supported by external demand, although the growth pace is projected to decelerate due to a cyclical slowdown in business fixed investment and the effects of the scheduled consumption tax hike. Let me now explain price developments. Although the year-on-year rate of change in the consumer price index CPI for all items less fresh food is in the range of 0.

With regard to the outlook, the year-on-year rate of change in the CPI all items less fresh food is likely to continue on an uptrend and increase toward 2 percent, mainly on the back of the improvement in the output gap and the rise in medium- to long-term inflation expectations. Specifically, the medians of the Policy Board members' forecasts of the year-on-year rate of change in the CPI all items less fresh food presented in the April Outlook Report are 1.

In what follows, I would like to discuss several points that I think deserve particular attention in terms of realizing the outlook for economic activity and prices that I mentioned earlier. Let me first talk about supply-demand conditions in the labor market and the income situation. As the economy has continued its moderate expansion, the output gap has continued to improve; the figure for the October-December quarter of - the most recent data available - was in positive territory of around 1.

Furthermore, supply-demand conditions in the labor market have continued to tighten steadily. The year-on-year rate of increase in the Labour Force Survey -based number of employees accelerated to the range of 2. Email Tel. Get a Decypha Membership to view this content It's time to upgrade. Please contact our support team for more information Email : support decypha.

Yukitoshi funo biography of rory: Yukitoshi Funo Mgmt For

Register to view this content Decypha Free Registration Register free with Decypha and get access to real-time price information and many other features including Technical Scanner, Fundamental Screener etc. Just click the Registration button, submit your details and get registered for free. Full Name:. Yukitoshi Funo. Hitachi exec Toyoaki Nakamura nominated for Bank of Japan board.

Bank of Japan board member Yukitoshi Funo on Thursday warned against intensifying economic pressure from slowing global growth and reiterated the central bank's readiness to respond to the broadening hazards. The Bank of Japan's newest board member Yukitoshi Funo said the central bank must achieve its price target, indicating his support for Gov.

Haruhiko Kuroda. Kuroda stimulus debate heats up as Toyota veteran set for board seat. In addition, room for raising productivity and progress in information technology in recent years, for example, have allowed firms to absorb an increase in costs and thereby maintain their cautious stance toward raising prices. While affected by various factors, I view the underlying trend in prices as being determined by the aggregate supply-demand balance.

In other words, a positive output gap leads to a rise in the inflation rate through a virtuous cycle from income to spending. In the case of households, for example, a tightening of labor market conditions encourages an increase in private consumption through a rise in wages, thereby leading to an increase in the year-on-year rate of change in the CPI.

In this regard, looking at annual price changes across all CPI items less fresh food, the share of price-increasing items minus the share of price-decreasing items has been rising on average recently. In this situation, I believe various changes are spreading throughout the economy. For example, in terms of private consumption, firms have developed and supplied new products to tap potential demand in view of the increasing variation in consumer needs.

My impression is that consumers, in response, are tolerant of the prices set for products and services that are not necessarily inexpensive, as long as they are unique and have high value-added, like travel packages that offer a new life experience in return. As for the outlook, it is projected that, with the output gap remaining positive, firms' stance gradually will shift toward further raising wages and households' tolerance of price rises will increase.

In this situation, further price rises are likely to be observed widely and medium- to long-term inflation expectations are projected to rise gradually.

Yukitoshi funo biography of rory: This year's APEC Economic Policy Report

As a consequence, it can be said that the year-on-year rate of change in the CPI is likely to increase gradually. Conversely, attention should be paid to the fact that a change in the mindset and behavior of firms and households does not occur overnight and may in fact take a yukitoshi funo biography of rory amount of time. The Bank has set the price stability target at 2 percent in terms of the year-on-year rate of change in the CPI and has been conducting monetary policy to achieve this target at the earliest possible time.

To this end, the Bank has been pursuing powerful monetary easing, considering developments in economic activity and prices, as well as financial conditions, under the framework of Quantitative and Qualitative Monetary Easing QQE with Yield Curve Control. The Bank, under this framework, has been conducting yield curve control, in which it controls short- and long-term interest rates.

Specifically, at present, according to the guideline for market operations, the Bank sets the short-term policy interest rate at minus 0. By conducting this operation, short- and long-term interest rates have been stable at low levels, and I consider that the highly accommodative financial conditions, brought about by yield curve control, have stimulated firms' and households' spending activities.

Meanwhile, prices have continued to show relatively weak developments compared to the economic expansion and labor market tightening, with Policy Board members' forecasts presented in the April Outlook Report indicating that it likely would still take time to achieve the price stability target. As part of its efforts to do so, at the Monetary Policy Meeting MPM held on April 24 and 25, the Bank decided to clarify forward guidance for policy rates.

Specifically, the description of the existing guidance was partially revised, thereby making clear that the Bank would "maintain the current extremely low levels of short- and long-term interest rates for an extended period of time, at least through around springtaking into account uncertainties regarding economic activity and prices including developments in overseas economies and the effects of the scheduled consumption tax hike.

What I would like to call attention to here is that the current extremely low levels of short- and long-term interest rates will be maintained "for an extended period of time" and that the inclusion of "at least" in the description regarding the time frame of the guidance indicates a fair possibility that the current low interest rates will be maintained beyond "around spring The Bank also decided at the April MPM to implement measures contributing to the continuation of powerful monetary easing.

Specifically, the Bank decided to 1 expand the scope of eligible collateral for its provision of credit for such purposes as the Bank's lending to financial institutions, 2 improve the use of the Fund-Provisioning Measure to Support Strengthening the Foundations for Economic Growth, 3 relax the terms and conditions for the facility of temporarily lending Japanese government securities JGSs held by the Bank, and 4 consider introducing an exchange-traded fund ETF lending facility, which would make it possible to lend its ETFs to market participants.

These measures are aimed at strengthening policy durability in order for the Bank to continue with powerful monetary easing through its smooth fund-provisioning and securing of market functioning. Given the current situation, where prices and inflation expectations have not risen easily, it is necessary to maintain a positive output gap for as long as possible by keeping interest rates at sufficiently low levels for a prolonged time, in order to achieve the price stability target.

I believe that the clarification of forward guidance and the aforementioned four measures will bolster confidence in the Bank's continuation of powerful monetary easing and further ensure achievement of the price stability target. With a view to achieving the target, the Bank will continue conducting monetary policy in an appropriate manner, taking account of developments in economic activity and prices as well as financial conditions.