The circumstances of the Japanese economy and financial system have increased in severity in the past six months. The economy has not shown any definite signs of recovery since its reaction to the rise in the consumption tax rate in April 1997. Rather, economic recovery appears to be decelerating.
What would be more apt, then, to network at a joint reception to which you are now all cordially invited. Join me there in celebrating the successful migration of the German market to T2S. Thank you for your attention. 4/4  BIS central bankers' speeches