Persistent monetary easing in Japan has led to a steady improvement in labor market conditions, bringing the economy 1  For details on structural changes as a result of globalization and advances in IT and artificial intelligence (AI), see Richard Baldwin, The Great Convergence: Information Technology and the New Globalization (Cambridge: The Belknap Press of Harvard University Press, 2016); Richard Baldwin, The Globotics Upheaval: Globalisation, Robotics, and the Future of Work (Oxford: Oxford University Press, 2019); and Branko Milanovic, Capitalism, Alone: The Future of the System That Rules the World (Cambridge: The Belknap Press of Harvard University Press, 2019).
This could ultimately benefit all consumers by lowering costs, increasing choice, and improving quality. In that regard, we are also seeking comment on whether the Reserve Banks should consider developing a liquidity management tool that would operate 24/7 in support of services for real-time interbank settlement of faster payments. The tool could support settlement services provided by the private sector or the Reserve Banks.