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Opinions on Economic and Financial Developments Economic Developments • Japan's economy has recovered moderately and is likely to continue to do so. However, there remain extremely high uncertainties surrounding economic activity and prices. • Upside and downside risks to the outlook for Japan's economy have continued to be fairly high. In particular, uncertainties regarding the U.S. economy have remained despite heightened expectations for a soft landing, and thus close monitoring is warranted on the impact of the economic developments. • Although households' spending behavior has become more defensive due to price rises, private consumption has been resilient, supported by expectations for wage increases and firms' various measures to promote sales. In order to achieve sustained wage increases and a virtuous cycle of growth and distribution, it is necessary that firms' earning power strengthen -- particularly for small and medium-sized firms, which have lagged behind in reforms -- and that their capacity to raise wages increase. Attention is warranted on the extent to which listed firms' earnings estimates for fiscal 2023 will be revised upward in their announcements of financial results for the first half of the fiscal year and whether the rises in earnings will have increasingly positive effects on small and medium-sized firms post: BoJ Summary Of Opinions, October MPM: One Mbr Said Need To Continue With Easing Patiently - One MbrSaid Still Distance To 2% Goal - One Mbr Said High Uncertainty Means Must Take Steps To Make YCC More Flexible - One Mbr Said Unexpectedly Strong Pressure From Rising US Yields post: BoJ Summary Of Opinions, October MPM: One Member Said Chance Of Hitting Inflation Goal Is Rising - One Member Said BoJ Must Gradually Adjust Degree Of Monetary Easing - One Member Said Important To Communicate Need To Prepare For A World When Interest Rates Turn Positive
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- Posted: Nov 8, 2023 6:50pm
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