With regard to price developments, some members commented on the faster pace of year-on-year decline in the GDP deflator for the January-March quarter of 2003.
As for price developments, a few members remarked that the rate of decline in domestic wholesale prices contracted slightly reflecting the progress in inventory adjustment and the recovery in international commodity prices..
Today, I would like to firstexplain the Bank's view on the recent economic and price developments in Japan, and then talk about its thinking behind the conduct of monetary policy.
Economic and Price Developments in Japan Based on the developments in the global economy just described, I would now like to discuss economic and price developments in Japan.
In terms of grasping price developments, it has become difficult to determine the underlying trend of the CPI, due to the large fluctuations in crude oil prices..
Mechanically adopting market forecasts of interest rate developments in conducting monetary policy andpreparing forecasts might cause economic and price developments to diverge from the Bank's desired path.
While price developments are subject to various factors, including developments in international commodity prices, in order for Japan's economy to overcome deflation it is important to address the problem of insufficient demand, which is the key factor underlying deflation in Japan.
Some members commented on price developments in the United States that the core consumer price index(CPI), which excluded food and energy prices, had been rising moderately partly against the background of an improvement in supply-demand conditions and an increase in unit labor costs due to a decline in labor productivity.
Some members commented on price developments that, in a situation where the labor market continued to tighten and the capacity utilization rate remained high, attention should be paid to the risk of a heightening of inflationary pressure reflecting the rise in commodity prices including crude oil prices..
Price stability is an extremely important policy objective for a central bank, but if a central bank conductsmonetary policy by just watching short-term price developments, this may induce large economic fluctuations and result in harming price stability in the medium- to long-term.
As for price developments, the year-on-year rate of change in the consumer price index(CPI)for all items excluding fresh food in fiscal 2011 is likely to be slightly higher than in the previous year due to the falling off of the effects of subsidies for high school tuition introduced in fiscal 2010 and to the rise in international commodity prices..
Many members commented on price developments that the pace of year-on-year decline in consumer prices was decelerating slightly recently, and it was expected to become somewhat slower, given the effects of the rise in crude oil prices and the projected increase in the burden on households of medical costs from April 2003.
In the discussion on current price developments, one member commented that domestic factors were evidently weakening prices, while the downward pressure arising from lower import material prices observed in the first half of 1998 had abated. Another member also remarked that, although the pace of decline in wholesale prices was slowing, the fall in consumer prices was becoming evident.
However, if developments in pricesin the past fiscal year and the outlook for prices will be somewhat taken into consideration in the wage negotiations between management and labor unions toward the next fiscal year, thereby realizing a rise in base pay for two consecutive years, this in turn will lead to a greater breakthrough in changing people's fixed idea that wages, base salaries in particular, will not rise under deflation-- in other words, their deflationary expectations.
最近の物価動向は、このことを明確に示している。
The most recent movement in prices underlines that fact.
最後に、今後の経済物価動向をめぐる留意点について触れることとします。
At the end of my speech, I will touch upon points tokeep in mind regarding Japan's economic and price developments.
労働慣行が物価動向に与える影響について、若干敷衍しておきたいと思います。
Let me elaborate on the effects of labor practice on inflation developments in more detail.
先行きの賃金・物価動向を占ううえで、春闘の結果に非常に注目している。
In forecasting future developments in wages and prices, it is worth paying close attention to the results of the annual spring labor-management wage negotiations.
こうした景気見通しを背景に、先行きの物価動向についても、慎重な見方が共有された。
Given the economic outlook,members shared a cautious view regarding price developments in the future.
このほか、委員は、日本経済の成長力と物価動向の長期的な関係について議論を行った。
Members then discussed the long-termrelationship between the growth potential of Japan's economy and price developments.
ユーロ圏では、足もとの物価実感と物価予想は、実際の物価動向とほぼ整合的です。
In the euro area, households' present price perception andprice expectation DIs are roughly in line with actual price performance.
その先の物価動向は、基本的に、経済全体の需給バランスに影響されることとなります。
Going forward, price developments will, in principle, be affected by the supply-demand balance of the economy as a whole.
The Bank of Japanwill continue to carefully monitor the effects of developments in the foreign exchange market on the future course of economic activity and prices.
足許の物価指数の動きではなく、将来の物価動向に関する様々なリスクの判断が重要なのです。
What matters is not the current movement of price indices butthe judgment regarding various risks concerning future price developments.
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