With the increase in the volume and complexity of cross-border flows of funds, coordination among central banks in their performance of this role is essential. Behind the coordinated provision of funds by central banks in December, which I have already mentioned, there lay discussion among central banks and the attainment of a consensus about the economic situation and measures to alleviate it.
In addition, weak foreign growth and the appreciation of the dollar over the past two years have restrained manufacturing output. Meanwhile, housing construction has continued to trend up at only a modest pace in recent quarters.