yukitoshi funo : economic activity, prices, and monetary policy in japan speech by mr yukitoshi funo, member of the policy board of the bank of japan, at a meeting with business leaders, shimane, 3 october 2019. * * * i. recent economic and price developments a. overseas developments i would like to begin by talking about overseas economies, which have been growing moderately on the whole, although slowdowns have continued to be observed. in terms of the outlook, slowdowns are likely to continue for the time being ; thereafter, however, overseas economies are expected to grow moderately on the whole with their growth rates rising somewhat. according to the july 2019 world economic outlook update released by the international monetary fund ( imf ), global growth is forecast at 3. 2 percent for 2019 and 3. 5 percent for 2020. however, as downside risks concerning the global economy seem to be increasing, careful attention is warranted on the timing and pace of its pick - up. looking at developments by major region, the u. s. economy has been expanding moderately, although relatively weak developments have been observed in the manufacturing sector. the european economy has remained in its deceleration phase. the chinese economy has continued to see stable growth on the whole, but weakness has been observed in the manufacturing sector. other emerging and commodity - exporting economies have maintained their recovery trend as domestic demand has been firm on the whole. as for the outlook, the u. s. economy is expected to maintain its moderate expansion and the european economy is projected to gradually move out of its deceleration phase. the chinese economy is likely to broadly follow a stable growth path as authorities implement fiscal and monetary policies in a gradual manner. the growth rates of other emerging and commodity - exporting economies are likely to rise on the whole, mainly on the back of the effects of those economies'stimulus measures. risk factors to the overseas economic outlook are wide ranging and likely to be significant, as exemplified by ( 1 ) the u. s. macroeconomic policies and their impact on global financial markets, ( 2 ) the consequences of protectionist moves, including those observed in the u. s. - china trade friction, and their effects, ( 3 ) developments in emerging and commodity - exporting economies, the progress in global adjustments in it - related goods, ( 5 ) negotiations on the united kingdom's exit from the european union ( eu ) and their effects, and ( 6

kazuo ueda : progress and challenges in the asia - pacific financial system keynote address by mr kazuo ueda, governor of the bank of japan, at the 18th asiapacific high - level meeting on banking supervision, tokyo, 6 march 2024. * * * introduction good morning. thank you for participating in the 18th asia - pacific high - level meeting on banking supervision today. it is a great honor to host the first in - person meeting in five years since 2019, here at the bank of japan. in recent years, we have witnessed significant shifts in the economic and financial landscape. these shifts began with the slowdown in economic activity due to the covid - 19 pandemic, followed by subsequent recoveries, heightened geopolitical tensions, and a surge in inflation. despite these challenges, the impact on the financial system in the asia - pacific ( apac ) region has been relatively contained. reflecting on the past quarter century from the year 2000 to the present, even amid the global financial crisis and the european debt crisis, the financial system in the apac region has exhibited overall stability, contributing to considerable growth in the apac economies. i would first like to touch on the characteristics and background of the stability of the financial system in the apac region during the past quarter century. following the agenda of this meeting, i will then talk about the changes in the environment that are crucial for promoting financial stability and the challenges we currently face. i. asian currency crisis and subsequent responses the asian currency crisis, which occurred just before the year 2000, stands out as the pivotal event that influenced the stability of the financial system in the apac region over the past quarter century. the crisis served as a turning point, encouraging jurisdictions affected by it to implement structural reforms with a focus on managing external debt and capital flows. these reforms included improving current account balances, accumulating foreign reserves, increasing net foreign assets, and shifting to more flexible foreign exchange systems. moreover, the lessons learned were widely shared, even among jurisdictions that did not directly experience the asian currency crisis. apac jurisdictions have enhanced the institutional frameworks of the financial system, strengthened financial supervision, and advanced major restructuring among financial institutions. there has also been notable progress in developing frameworks for financial coordination and cooperation within the apac region. with a view to ensuring stability in foreign exchange and financial markets, the chiang mai initiative multilateralisation ( cmim ) was established, a currency swap network that covers