Role of the central bank  In closing my remarks, I would like to talk about the role of the Bank of Japan in strengthening market infrastructure. The effects of the central bank’s monetary policy spread to the overall financial market and the real economy through various transactions by market participants and arbitrage trading between markets.
We have in August issued a revised Guideline on Corporate Governance with a view to bringing improvements in the corporate governance framework of our financial institutions. The guideline has been aligned to the new recommendations of the Basel Committee on Banking Supervision and greater emphasis is now being laid on the independence of directors.