set up in 1998, defines price stability in terms of the year - on - year increase in the harmonised index of consumer prices and relies on a reference value for monetary growth. the bank of japan adopted a new monetary policy framework in 2006. it publishes an inflation rate that reflects the policy board members'understanding of medium - to long - term price stability. in line with this understanding, we examine the most likely outlook and assess risks most relevant to the conduct of monetary policy, which we call the two - perspective approach. in november 2006, the fed published a series of measures aimed at enhancing its communication strategy. one of them consisted in extending the economic and price forecasting horizon to three years. a three - year inflation forecast shows the inflation rate that the federal open market committee considers consistent with the objectives of the fed, i. e. price stability and maximum employment. these frameworks were devised by taking account of other countries ’ experiences and retaining the most suitable elements for their own economy. i believe that, in this area, central banks will increasingly draw on the experiences of other countries. countries share the same understanding of problems but at the same time stick to their uniqueness when taking decisions. this holds true in the area of monetary policy but also in numerous other areas within the evolving field of international relations. as in the case of art and gastronomy, which i talked about at the start of my speech, mutual influences lead to new innovations and blur borders through mutual understanding. this does not mean that we lose our uniqueness. in today ’ s conference, we will take a look at the economic and financial growth patterns of both france and japan and examines in - depth the economic problems with which each country is faced in the context of globalisation. i hope that it will give rise to a better mutual understanding of both economies and foster further emulation. thank you very much for your attention.

the guideline for market operations, in which it sets the short - term policy interest rate at minus 0. 1 percent and the target level of 10 - year jgb yields at around zero percent. japan ’ s economy has continued on a moderate expanding trend and already is no longer in deflation in the sense of a sustained decline in prices. however, it is likely to still take time to achieve the price stability target of 2 percent. in addition, there remain high uncertainties regarding the outlook for economic activity and prices including developments in overseas economies. based on this recognition, the bank considers it important to make clearer its policy stance to persistently continue with powerful monetary easing toward achieving the price stability target. thus, the bank decided last month to clarify forward guidance for policy rates introduced in july 2018 and maintain the current extremely low levels of short - and long - term interest rates for an extended period of time, at least through around spring 2020, taking into account 1 / 2 bis central bankers'speeches uncertainties regarding economic activity and prices including developments in overseas economies and the effects of the scheduled consumption tax hike. the bank also decided to take such measures as the expansion of eligible collateral for the bank ’ s provision of credit, thereby contributing to smooth fund - provisioning as well as to securing market functioning. these measures likely will strengthen public confidence in continuing with powerful monetary easing, thereby further ensuring the achievement of the price stability target and leading to stability in financial markets. the bank will continue to examine the risks considered most relevant to the conduct of monetary policy and conduct its policy in an appropriate manner, taking account of developments in economic activity and prices as well as financial conditions. thank you. 2 / 2 bis central bankers'speeches