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Foreign Central Banks

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Central banks continue to be viewed in the context of a presumed global economic recovery—led partly by China’s strong growth—and of upward price pressures, some created directly or indirectly by petroleum markets. Measured inflation rates faced by three of the four major central banks have moved up noticeably in recent months. Japan is the exception, although its deflation has become less severe since 2002. Coupled with strong output growth, this has turned public attention to the Bank of Japan’s possible exit policy for removing the enormous volume of excess reserves created by quantitative easing with a zero interest rate. The actual deflation rate, however, is unchanged from July of last year and the Bank continues to expect mild deflation.


Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-07, pp. 18, 07.01.2004.

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