Global slowdown affecting Japan's exports, production

Overseas developments will affect Japan for some time

Japan economy remains in moderate expansion

Momentum towards achieving 2% inflation target is maintained

There is a need to achieve 2% inflation target

Not desirable for economy if only prices rise

Also need to consider that easing policy could affect financial intermediation

Need more time to see overall movement in wages

Spring wage negotiations still ongoing, still too early to see the whole picture