Skip to main content
日本語
English
Home
About the Bank
About the Bank
Outline of the Bank
Outline of the Bank
History
List of Governors
Location (Guide Map to Head Office) / Visiting the Bank
Head Office, Branches, and Overseas Offices
Archives
Organization of the Bank
Organization of the Bank
Policy Board
Responsibilities of the Governor, Deputy Governors, and Executive Directors
Organization of Head office, Branches and Offices
Laws and Rules
The Bank's Accounts
Activities
Activities
The Bank's Organizational Core Principles
Medium-Term Strategic Plan
Annual Review
Business Continuity Planning
Speeches and Statements
Research Papers, Reports, Speeches and Statements Related to the Bank
Research Papers, Reports, Speeches and Statements Related to the Bank
Research Papers
Speeches
Statements
Other Releases
Tours and Museums
Guides to the Bank
Services
Services
Exchange of Damaged Cash
Tours of the Bank's Head Office
Climate Change
Links
Monetary Policy
Monetary Policy
Outline of Monetary Policy
Outline of Monetary Policy
Price Stability Target of 2 Percent
Review of Monetary Policy from a Broad Perspective
Monetary Policy Meetings
Monetary Policy Meetings
Summary of Opinions
Minutes
Others
Monetary Policy Releases
Monetary Policy Measures
Monetary Policy Measures
Market Operations
Principal Terms and Conditions
Outlook for Economic Activity and Prices
Reports to the Diet
Research Papers, Reports, Speeches and Statements Related to Monetary Policy
Research Papers, Reports, Speeches and Statements Related to Monetary Policy
Research Papers
Speeches
Statements
Financial System
Financial System
Overview: The Bank's Initiatives for Financial Stability
On-Site Examinations and Off-Site Monitoring
Financial System Report
Policy Actions for Financial Stability
Coordination with the Financial Services Agency
Seminars for Financial Institutions
Other Releases Related to Financial System
Other Releases Related to Financial System
Research Papers
Speeches
Statements
Payments and Markets
Payments and Markets
Outline of Payment and Settlement Systems
Outline of Payment and Settlement Systems
Payment and Settlement Systems and the Bank
Oversight
Forums
Payment and Settlement Systems Operated by the Private Sector
Operation of BOJ-NET
JGB Book-Entry System
FinTech Center
Central Bank Digital Currency
Money Market
Money Market
Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
Cross-Industry Forum on Interest Rate Benchmarks
Study Group of Market Participants
Repo Market Forum
Bond Market
Credit Market
Forums and Conferences
Research Papers, Reports, Speeches and Statements Related to Payment and Markets
Research Papers, Reports, Speeches and Statements Related to Payment and Markets
Payment and Settlement Systems Report
Market Operations in Each Fiscal Year
Market Functioning Survey concerning Climate Change
Research Papers
Speeches
Statements
Other Releases Related to Payment and Markets
Banknotes, The Bank's Treasury Funds and JGS Services
Banknotes, The Bank's Treasury Funds and JGS Services
General Information of Banknotes and Coins
General Information of Banknotes and Coins
A New Series of Banknotes and a New 500 Yen Coin
Banknotes and Coins in Use
Security Features of Bank of Japan Notes
Outline of Banknotes and Coins
Related Releases
Publications and Other Information
Exchange of Damaged Cash
Treasury Funds Services
JGS Services
The Bank's Transactions with the Government
Research Papers, Reports, Speeches and Statements Related to Banknotes, Treasury Funds and JGS Services
Research Papers, Reports, Speeches and Statements Related to Banknotes, Treasury Funds and JGS Services
Research Papers
Speeches
Statements
International Finance
International Finance
Outline of International Finance
International Meetings
Foreign Currency Assets
Cooperation with Other Central Banks
Financial Cooperation in Asia
Research Papers, Reports, Speeches and Statements Related to International Finance
Research Papers, Reports, Speeches and Statements Related to International Finance
Research Papers
Speeches
Statements
Other Releases Related to International Finance
Research and Studies
Research and Studies
Outline of Research and Studies
List of Reports & Research Papers
BOJ Reports & Research Papers
BOJ Reports & Research Papers
Financial System Report
Market Operations in Each Fiscal Year
Payment and Settlement Systems Report
Regional Economic Report
Research Papers
Working Paper Series, Review Series, and Research Laboratory Series
Research Data
Research Papers Released by IMES
Study Group Reports
Opinion Survey
Conferences
Alternative Data Analysis
Discontinued Research Releases
Statistics
Statistics
Outline of Statistics and Statistical Release Schedule
Outline of Statistics and Statistical Release Schedule
Notices of Changes and Corrections
Explanations of Statistics
Notices of Changes and Revisions
Notes
Bank of Japan Statistics
Currency
Financial Markets
Financial Institutions Accounts
Deposits and Loans Market
Flow of Funds
Related to BIS/FSB
Payment and Settlement
TANKAN
Prices
Public Finance
Balance of Payments Related Statistics
Discontinued Statistics / Revised Base Statistics
Historical Statistics on the Web Site of IMES
BOJ Time-Series Data Search
[Speech]
Economic Activity, Prices, and Monetary Policy in Japan
Speech at a Meeting of the Okayama Club
日本語
NAKAGAWA Junko
Member of the Policy Board
November 10, 2025
Full Text [PDF 487KB]
