In 2024, the Bank of Japan (BOJ) discontinued the policy framework known as Quantitative and Qualitative Monetary Easing with Yield Curve Control, and raised the policy interest rate for the first time since 2007. Now that changes in firms' wage- and price-setting behavior have become more evident, the BOJ projects that, in the second half of the projection period of the latest Outlook Report, underlying inflation is likely to be at a level that is generally consistent with the price stability target of two percent. Of course, there are a variety of both upside and downside risks. APD Director Krishna Srinivasan will be joined by the BOJ Governor Kazuo Ueda to discuss where Japan’s inflation and monetary policy are.

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