With regard to prices, wholesale prices are on a downtrend, and consumer prices are lowering below the previous year’s level. With respect to the outlook, the downward pressure from domestic factors is unlikely to weaken considerably reflecting the already large output gap, despite the expected effects of the comprehensive economic stimulus package. Hence, prices are likely to be weak for some time.
In this particular meeting, we need to make tangible progress and produce meaningful results that the market participants and governments on both sides are waiting for. I am pleased to hear that the Memorandum of Understanding has been finalized and reviewed by the Legal Counsels of the two Central Banks, who are present here with us today.