The structural changes in the Japanese labor market have tended to cause a shift from a seniority wage system to a performance-based system. The lifetime employment system has been eroded significantly by the increasing share of part-time and temporary workers.
We do have a range of instruments to help us achieve this objective. Currently, the banking system as a whole holds government securities to the tune of 29 per cent of NDTL, which is five per cent above the statutory requirement of 24 per cent. This reflects a relatively large capacity for liquidity infusions, about 2,74,000 crores, as and when the need arises.