inflation reached 3. 1 per cent in march, primarily driven by higher energy and food prices, as was also the case elsewhere. consumers'expectations of price increases continue to rise. the shortage of labour curbs economic growth in denmark. in danmarks nationalbank's most recent forecast – from march – the central estimate is that the danish economy will shift to markedly lower growth in the coming years. however, unemployment will not reach a level that is compatible with sustainable long - term development in wages until 2010. previously, financial turmoil usually went hand in hand with currency unrest in europe. so far, there have only been few indications of this. it would be natural to give the credit to the fewer european currencies, brought about by the euro. it is an advantage to denmark that the euro exists and has now been adopted by 15 eu member states. combined with the european central bank's supply of liquidity in response to the financial turmoil, this has mitigated the risk of major negative real - economic impacts. the financial system in denmark has not been unaffected by the financial turmoil. but fortunately the effect has been less significant than in several other countries. the reason is that danish investors have only to a small extent invested in – and thus lost money on – subprime - related assets. we have our own good mortgage - credit products. however, in denmark we have also seen how the uncertainty has made banks more reluctant to grant each other uncollateralised loans in the money market, particularly for longer maturities. the result has been shorter maturities and higher financing costs. this mainly affects the banks that have built up considerable deposit deficits in recent years, based on the assumption that they would be able to raise inexpensive liquidity in the money market or by issuing bonds. in the current situation, and in accordance with international recommendations, danmarks nationalbank, like other central banks, is reviewing its lending facilities. this is an ongoing process. however, we are of the opinion that well - run danish banks should not find themselves in an unnecessary liquidity squeeze because of the international financial turmoil. thank you for your attention. i wish you a successful meeting.

november 5, 2019 bank of japan japan's economy and monetary policy speech at a meeting with business leaders in nagoya haruhiko kuroda governor of the bank of japan ( english translation based on the japanese original ) introduction it is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the chubu region. i would like to take this chance to express my sincerest gratitude for your cooperation with various activities of the bank of japan's nagoya branch. at the monetary policy meeting ( mpm ) held last week, the bank updated its projections for japan's economic activity and prices through fiscal 2021. in particular, it examined economic and price developments while paying closer attention to the fact that slowdowns in overseas economies have continued and their downside risks seem to be increasing. today, while outlining this examination, i would like to explain the bank's view on japan's economic activity and prices as well as its thinking behind the recent conduct of monetary policy. i. economic developments let me start by talking about economic developments. at the mpm held last week, the bank assessed that japan's economy was likely to continue on an expanding trend throughout the projection period - - that is, through fiscal 2021. there has been no change to this overall assessment. while the recovery in external demand is expected to slow due to the delay in the timing of a pick - up in overseas economies, domestic demand is likely to be firm as the impact of the delay is expected to be limited. i will elaborate on this mechanism in what follows. first, i would like to explain developments in overseas economies ( chart 1 ). since the turn of this year, the diffusion indexes ( dis ) for business sentiment of manufacturing firms on a global basis have remained below 50, which is the borderline between improvement and deterioration of business conditions perceived by firms. the u. s. - china trade friction has exerted a negative impact on the global trade activity as there had been incremental rises in additional tariffs until a partial agreement was reached in mid - october. in addition, slowdowns have continued to be observed in emerging economies, partly because it has been taking time for the effects of china's economic policy to materialize. against the background of these developments, a pick - up in overseas economies has been delayed and its timing is expected to lag behind by about half a year compared to the previous projection. the world economic outlook (