The international environment

Quarterly Bulletin 1998 Q3
Published on 01 September 1998
  • The slowdown in Asia has spread to more countries. Japanese output fell for the second successive quarter in 1998 Q1. The Japanese authorities have announced further plans to tackle financial instability.
  • Growth in the United States rose strongly in the first quarter of 1998.
  • Recovery in the prospective euro area continued.
  • Inflation remained low throughout the United States, the prospective euro area and Japan.
  • Equity prices remained buoyant in most major markets, with the exception of Japan.
  • Official interest rates were unchanged in the major industrial economies. Bond yields have fallen in the major markets, though are little changed in Japan, where yields remain low.

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