Given that Japan’s long-standing negative output gap and resultant deflation reflect both cyclical and structural factors, overcoming this challenge will require a strong will, as well as collective efforts by firms, financial institutions, government, and the Bank. The Bank will continue to conduct monetary policy in an appropriate manner.
Meanwhile, I will continue to constantly consider how the Bank can best respond to the current challenging environment. This brings me to the end of my presentation. Thank you very much for your kind attention.