A low rate of inflation itself now poses a new challenge of achieving and promoting sustained economic growth in the global economy.
~Toshihiko Fukui

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As for the short run effects, exchange rate movements influence the economy through changing relative prices between goods at home and abroad.
~Toshihiko Fukui

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As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development.
~Toshihiko Fukui

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During the past two decades, inflation has fallen to a low level in major industrial countries.
~Toshihiko Fukui

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Good news is that banks' lending attitude seems to be gradually becoming far more accommodative than in the previous recoveries.
~Toshihiko Fukui

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However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
~Toshihiko Fukui

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I certainly welcome discussions on how central banks can best contribute to sustained economic growth and sound development of the global economy.
~Toshihiko Fukui

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In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the world, particularly with the other East Asian economies.
~Toshihiko Fukui

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Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.
~Toshihiko Fukui

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On the contrary, exchange rate movements still play an important role in facilitating more efficient resource allocations in the long run.
~Toshihiko Fukui

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Recent empirical studies, however, show such short run effects become small because the exchange rate pass-through to import prices declines.
~Toshihiko Fukui

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The aging and declining population will have far-reaching impacts. Declining fertility rates will possibly increase immigration. The structure of family and society will inevitably change.
~Toshihiko Fukui

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The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking place at a more rapid pace than any other country has ever experienced.
~Toshihiko Fukui

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The direct investment of Japanese businesses to East Asian economies accelerates the reallocation of their production bases. Consequently, between Japan and the other East Asian countries, both exports and imports are growing substantially.
~Toshihiko Fukui

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The downward rigidity of nominal wages is often pointed out as a factor that prevents the smooth adjustment of real wages under very low inflation.
~Toshihiko Fukui

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The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge.
~Toshihiko Fukui

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The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
~Toshihiko Fukui

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Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.
~Toshihiko Fukui

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With weak balance sheets, banks tend to continue lending unprofitable businesses and leave them existing.
~Toshihiko Fukui

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