2020 / ko200902a. htm /. in addition, in japan, the amount of money that firms spend on capability development of their employees accounts for 0. 1 percent of gdp. this is lower than the ratio in other countries, which is 2. 1 percent in the united states, 1. 8 percent in france, and slightly more than 1 percent in the united kingdom, germany, and italy. for details, see ministry of health, labour and welfare, ideal human resource development that varies according to diversified work styles, analysis of the labour economy, september 2018. money. the bank is committed to fully support japan's economy in crisis from the monetary policy side while working together with the government. thank you very much for your kind attention. japan's economy and monetary policy speech at a meeting with local leaders in kanagawa ( via webcast ) february 3, 2021 wakatabe masazumi deputy governor of the bank of japan introduction i. developments in economic activity and prices ii. the bank's conduct of monetary policy iii. current situation of and outlook for kanagawa prefecture's economy conclusion chart 1 i. developments in economic activity and prices global economy global economy ( imf, january 2021 ) global pmi s. a., di cy [UNK] 106. 1 100. 0 101. 8 96. 5 forecasts % manufacturing services cy 2021 cy 2022 - 3. 5 + 5. 5 + 4. 2 y / y % chg. cy 07 08 09 10 11 12 13 14 15 16 17 18 19 20 cy 2020 cy07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 note : in the left - hand chart, figures for manufacturing are the " j. p. morgan global manufacturing pmi " and those for services are the " j. p. morgan global services business activity index. " sources : ihs markit ( © and database right ihs markit ltd 2021. all rights reserved. ) ; imf. chart 2 i. developments in economic activity and prices exports and production real exports by type of goods real exports and industrial production s. a., cy 2015 = 100 s. a., cy 2015 = 100 real exports motor vehicles and related goods industrial production it - related goods capital goods cy 05 sources : bank of japan ; ministry of finance ; ministry of economy, trade and industry. jan. apr. jul. july oct. jan. apr. jul. july oct.

related sector, is somewhat rising amid a fall in stock prices in the u. s. and worldwide as well as depreciation of the u. s. dollar. in these circumstances, it should be heeded that further destabilization in the foreign exchange and financial markets at home and abroad would easily exert a negative influence on the economy. on the price front, import prices are turning down due to the u. s. dollar ’ s depreciation against the yen since this spring. domestic wholesale prices are leveling off since a decline in machinery prices and a reduction in electricity charges are offset by the effects of the increase in import prices until recently and the completion of inventory adjustment. meanwhile, consumer prices stay on a gradual downtrend and corporate services prices continue to decline. as for the conditions surrounding price developments, the balance between supply and demand is expected to still keep exerting downward pressure on prices for a while amid persistently weak domestic demand, although the completion of inventory adjustment will support prices to some degree. moreover, factors such as the ongoing technological innovations in machinery, deregulation, and the streamlining of distribution channels will continue to restrain prices. with import prices beginning to turn down, the currently unchanged domestic wholesale prices is likely to edge down again as they are sensitive to import prices. consumer prices are expected to stay on a declining trend for the time being at the current gradual pace. this is because while the slower growth in imports of consumer goods is expected to alleviate the downward pressure on prices to some extent, the faster pace of decline in wages may possibly reinforce the ongoing decline in prices, especially for services prices. as for the financial market, in the short - term money markets, the outstanding balance of the current accounts at the bank of japan is recently moving around 15 trillion yen as the bank continues to provide ample liquidity to the money market. in these circumstances, the overnight call rate continues to move around zero percent. moreover, longer - term interest rates remain steady. yields on long - term government bonds inched down in response to a fall in stock prices and are mainly moving in the range of 1. 2 - 1. 3 percent recently. as for yield spreads between private bonds ( bank bonds and corporate bonds ) and government bonds, the downtrend from the start of this fiscal year has come to a halt since mid - june. stock prices fell through june in line with a decline in u. s. stock prices, but have edged up thereafter