Statement on Artificial Intelligence and Economy from the Bank of Japan
Bank of Japan Deputy Governor Shinichi Uchida evaluated the impacts of artificial intelligence technology on economic indicators and price stability.
Bank of Japan Deputy Governor Shinichi Uchida stated that artificial intelligence creates a positive demand shock on the economy, generating upward pressure on prices.
Economic Impacts of Artificial Intelligence
Bank of Japan Deputy Governor Shinichi Uchida stated that artificial intelligence technology creates a distinct positive demand shock throughout the economy.
Supply and Productivity Dimension
Uchida emphasized that artificial intelligence could also positively affect the supply side by increasing productivity and strengthening capital accumulation, which could influence the natural interest rate.
Monetary Policy Framework
It was stated that it is not yet clear to what extent these impacts of artificial intelligence on the economy can be evaluated within the traditional monetary policy framework.