Speech by Mr Masayoshi Amamiya, Deputy Governor of the Bank of Japan, at a meeting with local leaders, Iwate, 28 July 2022. At the Monetary Policy Meeting (MPM) held last week, the Bank of Japan updated its projections for Japan's economic activity and prices through fiscal 2024 and released them in the latest Outlook for Economic Activity and Prices (Outlook Report). Mr Masayoshi talks about the Bank's view on Japan's economic activity and prices based on the Outlook Report and explains its thinking on the conduct of monetary policy.