Given that I am speaking before an audience of capital market experts, I shall try to avoid the danger of telling you what you already know and focus instead on the macroeconomic view of capital markets as seen by a central banker. First, however, I would like to congratulate the winners of the University Prize, who are being honoured here today.
16  17  Chart 10  Output Gap 1.5  %  Excess demand (upward pressure on prices)  1.0 0.5 0.0 ▲ 0.5 ▲ 1.0 ▲ 1.5  Excess supply (downward pressure on prices)  ▲ 2.0 13/1Q  3Q  14/1Q  3Q  15/1Q  3Q  16/1Q  3Q  17/1Q  3Q  Source: Bank of Japan.