In the days when I myself was being supervised, I voiced criticism when I felt it was right to do so. But criticism, whatever form it may take, needs to be constructive and honest and it shouldn’t be unduly sweeping.
Then, the issues of the longstanding output gap and mild deflation, which are partially influenced by demographic changes, will be discussed in Part IV together with monetary policy management. In Part V, I will present concluding remarks. II. Demographic changes in the post-1945 period  I would like to begin my presentation by making an overview of Japan’s demographic changes in the post-1945 period.