As for the short run effects, exchange rate movements influence the economy through changing relative prices between goods at home and abroad.
More Quotes from Toshihiko Fukui:
It's necessary to make the judgment calmly and objectively without any preconceived notions about whether the consumer price index excluding fresh food prices has stabilized at zero or above.Toshihiko Fukui
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
In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the response of economic activity to exchange rate movements in the long run.
Toshihiko Fukui
On the contrary, exchange rate movements still play an important role in facilitating more efficient resource allocations in the long run.
Toshihiko Fukui
I certainly welcome discussions on how central banks can best contribute to sustained economic growth and sound development of the global economy.
Toshihiko Fukui
It was determined at today's meeting that we cannot say that core consumer prices have stabilized above zero. The bank has not decided when to shift its policy.
Toshihiko Fukui
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