• Japan recovery trend to remain intact even if GDP contracted (OK, then …)
  • Needs to carefully examine economic trend as data in first half of Fiscal 2014 will be volatile due to sales tax hike
  • Expects inflation to remain above 1% (excluding sales tax hike) as supply – dmand balance improves
  • Expects exports to become a driver of growth
  • Exports lacking some momentum due to sluggish overseaes economies
  • But needs to monitor whether exports do in fact become a driver of growth as expected
  • Advanced economies will continue to recover, supporting emerging economies

Koji Ishida, (member of the Bank of Japan (BOJ) policy board)