Bearing in mind such a development, today I would like to talk about the issues which are considered important to Japan’s economy at the moment. 1. Recent economic developments and structural adjustment  Current state of the economy Let me start by giving our view on the current state of the economy. The improvement in Japan’s economy is becoming distinct.
It was in this context that the Bank for International Settlements' Committee on the Global Financial System (CGFS) made recommendations aimed at strengthening the effectiveness  1  See D. Longworth, "Work in Progress: The Bank of Canada's Response to the Financial Turbulence" (speech to the Canadian Association for Business Economics, Kingston, Ontario, 26 August 2008). Available at: http://www.bankofcanada.ca/en/speeches/2008/sp08-10.html.