Meanwhile, at the MPM held at the end of last month, Policy Board members shared the recognition that there are high uncertainties regarding the outlook for economic activity and prices in Japan, including developments in overseas economies, and that it is likely to still take time to achieve the price stability target.
When we talk about diversification, we put the financial sector in our agenda as it accounts for about 10% of our GDP. It is a high value-added, profitable and capital intensive industry which is most suited to an economic ecology like Macao. The Monetary Authority of Macao is the sole regulator of the financial sector, which is dominated by banks and insurance companies.