##s. with higher dependence on information technologies, the nies will expand production as the global demand for it - related goods recovers, in the united states in particular. there is little likelihood that europe will be a drag on the global economic recovery, although its economic outlook still seems rather unclear. given these overseas developments, the japanese economy is expected to gradually increase exports and production. in addition to the possible increase in external demand, domestic demand also shows some favorable signs. planned business fixed investment for fiscal 2003 at the moment is the largest since fiscal 2000, against the backdrop of a substantial increase in corporate profits. moreover, we see a slightly favorable change in direction in the job and income situation of the household sector, although the situation remains severe. b. policy focuses such a path for japan's economic recovery has been within our standard scenario since this spring, and it appears increasingly likely that this scenario will be realized. however, questions remain as to the strength and breadth of the economic recovery once it is achieved, as well as the risk that the standard scenario may not be realized. in tackling these questions, we should keep three points in focus. the first focus is the outlook for overseas economies, the u. s. economy in particular. in this regard, we should also pay attention to the global demand for it - related goods. although the u. s. economy is on a mild recovery path led by private consumption, business fixed investment and production generally remain weak, and the labor market condition continues to be severe. with residual adjustment pressure after the bursting of the it bubble, firms are still rather restrained in their business expansion. in spite of these subdued conditions, we have recently begun to see changes and hopes for improvement. global demand for pcs, semiconductors, and other it - related goods is increasing. people strongly hope that a substantial tax reduction and monetary easing will work to accelerate recovery. we will monitor how these changes and hopes are translated into improving business activity and the labor market condition in the united states, and subsequently whether such an improvement has a positive impact on the world economy. the second focus is the financial market in japan. stock prices rebounded from around may, and the nikkei 225 stock average regained the 10, 000 level after august 18 as views about the economic outlook turned slightly more favorable. long - term interest rates also rose. in my view, these movements could be interpreted as the correction of overly pessimistic market expectations in the first half of 2003 amid

andriy pyshnyy : national bank of ukraine press briefing - monetary policy decisions speech by mr andriy pyshnyy, governor of the national bank of ukraine, at a press briefing on monetary policy decisions, kyiv, 15 june 2023. * * * dear colleagues, the board of the national bank of ukraine has decided to keep its key policy rate at 25 % per annum. this will help maintain the attractiveness of hryvnia - denominated instruments, preserve the sustainability of the fx market, and reduce inflation. combined, these results will pave the way for the further easing of fx restrictions. the pace of consumer price growth continued to decline faster than expected. inflation eased to 15. 3 % yoy in may. apart from the base effect, the pullback in inflation was driven by an ample supply of food and fuel, a stronger hryvnia cash exchange rate, and improved exchange - rate and inflation expectations. among other things, the nbu's efforts to keep the key policy rate high and make hryvnia instruments more attractive made it possible to stabilize the fx market and improve expectations. although headline inflation has decelerated, underlying inflationary pressures remain rather high. thanks to the removal of supply chain disruptions, the reduction of prices in the global commodity markets, and the nbu's consistent monetary policy, the central bank expects that inflation in ukraine will continue to decelerate. however, this process will not be as rapid as in previous months. first, the base effect, which contributed to a significant drop in inflation in h1 2023, will gradually fade. second, price dynamics will be affected by increases in certain utility tariffs and the announced return of pre - war taxes on fuels. in addition, the destruction of the kakhovka hpp dam will have an adverse impact on prices. 1 / 3 bis - central bankers'speeches by the nbu's early estimates, this will contribute about 0. 3 pp to this year's inflation rate because of how it has complicated the operation of multiple enterprises, and due to the partial loss of crops, primarily vegetables, that it has led to. the war is taking an increasingly large toll, but steady inflows of international aid and the revival of the domestic debt market have made it possible to cover the significant budget deficit without resorting to monetary financing. since the beginning of the year, international partners have granted ukraine about usd 20 billion