Let me now start by talking about the Bank's outlook for Japan's economic activity and prices as well as its thinking behind the conduct of monetary policy, while outlining the Outlook for Economic Activity and Prices (Outlook Report) released at the end of January 2017. I.
Understanding the importance of a deeper and more active capital market, to complement bank lending and serve as an alternative source of industry financing and to manage risks, we made a bold commitment, and unveiled the Philippine roadmap for developing the local debt market.