shows deviations from the 2019 average. 2. in the right - hand chart, figures for manufacturing are from the indices of industrial production and those for the other sectors are from the indices of tertiary industry activity. figures for nonmanufacturing exclude accommodations, eating and drinking services, services for amusement and hobbies, and transport. sources : cabinet office ; ministry of economy, trade and industry. chart 2 i. developments in economic activity and prices global economy and exports & production manufacturing pmi exports and production s. a., di, % points global s. a., cy 2019 = 100 united states europe emerging and commodity - exporting economies ( excluding china ) real exports jan. july jan. july jan. july jan. july cy 15 industrial production notes : in the left - hand chart, figures for global are the j. p. morgan global manufacturing pmi. figures for europe are the weighted averages of the pmis for the euro area and the united kingdom, and those for " emerging and commodity - exporting economies ( excluding china ) " are the weighted averages of the pmis for 20 countries and regions. for both indicators, countries'global gdp shares from the imf are used as weights. sources : ihs markit ( © and database right ihs markit ltd 2021. all rights reserved. ) ; imf ; haver ; ministry of finance ; ministry of economy, trade and industry ; bank of japan. chart 3 i. developments in economic activity and prices corporate profits and business fixed investment corporate profits business fixed investment s. a., tril. yen s. a., cy 2015 = 100 s. a., cy 2015 = 100 19 / q4 current profits cy15 machinery investment ( left scale ) construction investment ( right scale ) cy 15 notes : 1. in the left - hand chart, figures are based on the financial statements statistics of corporations by industry, quarterly and exclude " finance and insurance " and pure holding companies. 2. in the right - hand chart, figures for machinery investment show domestic shipments and imports of capital goods. figures for construction investment show private construction completed ( nonresidential, real ). sources : ministry of finance ; ministry of economy, trade and industry ; ministry of land, infrastructure, transport and tourism. chart 4 i. developments in economic activity and prices employment & income situation and vaccinations unemployment rate 4. 0 s. a., % nominal employee income vaccinated population share s

november 24, 2020 bank of japan policy measures to date and in the future, in response to the spread of covid - 19 - - lessons from the global financial crisis - opening remarks at the virtual conference co - hosted by the international monetary fund and the university of tokyo kuroda haruhiko governor of the bank of japan introduction it is my great honor to speak today at this virtual conference co - hosted by the international monetary fund ( imf ) and the university of tokyo. it has been a decade since the global financial crisis - - or gfc - - and two decades since japan's financial crisis and the asian financial crisis. today, we are facing a new crisis, triggered by the spread of covid - 19. this conference is intended to learn from our past experience and to gain insight into how best to respond to these extremely challenging circumstances. in this sense, the conference could hardly be more timely. i. policy responses to date regarding covid - 19 the spread of covid - 19 has had an even greater impact on the global economy than the gfc. the gdp growth rate for the april - june quarter of 2020 declined substantially in many countries. moreover, due to concerns over the deterioration in the real economy, global financial markets temporarily became volatile in march : there was a sudden drop in the prices of stocks and credit assets ; the cp and corporate bond markets became frozen ; and there were substantial outflows of capital from emerging economies. in response to these developments, governments, central banks, and international organizations have been swift to implement policy response measures, both fiscal and monetary, on an unprecedented scale. these responses have helped economic entities with their financing, markets to regain stability earlier than in the case of the gfc, and the global economy to start picking up. i would point to three particularly important elements in the policy responses taken so far to address the impact of covid - 19. the first is that swift and abundant liquidity provision by central banks and international organizations prevented the materialization of a negative feedback loop between economic and financial activities. one of the lessons learned from the gfc is that if market confidence is undermined amid heightening uncertainty, there is the possibility of the real economy and finance falling into an adverse spiral. there would be a significant credit contraction as financial institutions'funding becomes difficult. mindful of these risks, central banks have played a considerable role in recovering market confidence, acting as the global lender of last resort, with ample liquid