Many words of encouragement as well as criticism were heard from the financial and business circles and the general public, including perhaps some of you who are here today. I would like to take this opportunity to express, on behalf of the Bank, our heartfelt gratitude to all.
While domestic demand remains steady, net exports (real exports minus real imports) are falling rapidly reflecting a sharp slowdown in overseas economies such as in the U.S. and East Asia. Mainly due to these developments, industrial production is declining more sharply, and excessive inventories of electronic parts and some materials are building up.