The Bank of Japan is making our utmost efforts to tackle these  1  See Governor Strong’s remarks at the Tokyo Ginko Club (The Tokyo Bankers Club) during his stay in Japan [Strong (1920)]. 2  Hepburn (1915). BIS Review 55/2010  1  two challenges, working in cooperation with the Federal Reserve and other authorities.
In the area of market-based finance, the significant market turmoil that we saw in March has illustrated vulnerabilities in parts of the sector and there is growing international focus on the resilience of market-based finance. As I have mentioned before, we will continue to work with our European and international partners on the development of a comprehensive and proactive macroprudential framework in this area.