A good example of exporters seeking other markets is shown when we consider the recent history of our exports to Japan, by far our largest export market during the 1990s.
We have witnessed what has been rightly coined "the Great Moderation", a significant decline in variability of both output and inflation. A significant part of the credit has been attributed to improved monetary policies. Institutional reform and thereby enhanced credibility of monetary policy has anchored inflation expectations, and this has been a major factor in ensuring the low level of long-term interest rates.