that generates synergy between wage increases and price rises, as i have explained today. i would like to close by noting that the bank will take a strong stance on continuing with monetary easing, in that it will provide a macroeconomic environment where wages are likely to increase so that the rise in inflation expectations and changes in the tolerance of price rises - - which have started to be seen recently - - will lead to sustained inflation. thank you very much for your attention. the bank's thinking on monetary policy : toward achieving the price stability target in a sustainable and stable manner speech at the kisaragi - kai meeting in tokyo june 6, 2022 kuroda haruhiko governor of the bank of japan introduction i. the bank's monetary policy conduct for the time being ii. toward achieving the price stability target of 2 percent in a sustainable and stable manner conclusion chart 1 i. the bank's monetary policy conduct for the time being real gdp in japan, the united states, and the euro area japan united states euro area 5 s. a., % points 5 s. a., % points 5 s. a., % points - 5 - 5 22 / q1 - 2. 7 change from cy 2019 average - 10 - 15 other goods exports business fixed investment private consumption real gdp - 20 - 25 cy 18 22 / q1 + 3. 7 22 / q1 + 0. 6 - 5 change from cy 2019 average change from cy 2019 average - 10 - 10 - 15 - 15 - 20 - 20 - 25 cy 18 - 25 cy 18 note : the charts show the deviation from the 2019 average. figures for business fixed investment for the euro area are those for gross fixed capital formation excluding housing investment. sources : cabinet office ; haver. chart 2 i. the bank's monetary policy conduct for the time being import prices, export prices, and real gni real gni import price index y / y % chg. exchange rate effects contract currency basis yen basis - 20 - 40 cy 09 10 11 12 13 14 15 16 17 18 19 20 21 22 export price index y / y % chg. trading gains / losses income from / to the rest of the world real gdp real gni y / y % chg. exchange rate effects contract currency basis yen basis - 2 - 4 - 20 - 40 cy 09 10 11 12 13 14 15 16 17 18 19 20 21 22 - 6 fy 95 97 99 01 03 05 07 09 11

governors and regional reserve bank presidents in a mock meeting of the federal open market committee. participating reserve banks work in partnership with the board to bring the winning teams to washington, where the final rounds of competition will be held here in the board room. i have had the opportunity on several occasions to serve as a judge in the national finals of the fed challenge, and i can attest that the economic knowledge displayed by the students in that competition is remarkable indeed. the board also recently collaborated with many of the reserve banks on a redesigned federal reserve financial education web portal that brings many of the system ’ s resources for financial education together in one location. the site, federalreserveeducation. org, offers easy access to educational resources designed to benefit not only students, but also parents and teachers. we will continue to work to expand the resources and programs devoted to this important public purpose. i want to take this opportunity to thank the jump $ tart coalition and their partners for their continued support and commitment to furthering the financial education of our youth. now, it is with great pleasure that i introduce to you laura levine, executive director of the coalition, who will give a report on the status of financial education of youth in this country.