It is a great honor to have this opportunity to address such a distinguished gathering of business leaders in Japan today. It is only a week before the first year of the new Reiwa era comes to an end. Today, in wrapping up 2019, I would first like to take a look back at this year's economic developments at home and abroad and talk about the Bank of Japan's conduct of monetary policy. Then, I will touch on developments in Japan's economy from a somewhat long-term perspective and future challenges. Specifically, I will explain the mechanism of the virtuous cycle operating in Japan's economy and the challenges to ... (full story)