BoJ Governor Haruhiko Kuroda said together that the “overall global economy is expected to be relatively bright next year”. He noted that economies in US and China are firm. Global economy will also pick up. Additionally, BoJ would need to pay close attention to climate change.

Meanwhile, Kuroda also said BoJ stands ready to step up stimulus if needed. But it’s also mindful of rising costs of prolonged easing. He urged financial institutions to diversify operations, cut costs and consider consolidating businesses.

BoJ said “the domestic and external environment surrounding financial institutions is changing rapidly. The industry is entering an age of reform aimed at rebuilding its business model into a more sustainable one”.

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