Global "data-giant" companies, which have grown rapidly in recent years, often provide various services including financial ones free of charge, while utilizing big data gathered through these services for multiple purposes. Moreover, IT innovation has created new business 1  models, such as "the sharing economy." New policy challenges IT innovation also raises various new challenges to financial authorities, including central banks.
Among them, let me point out four issues. (i) Impacts on Financial Markets First, high-frequency trading, or HFT, utilizing algorithms and AI has recently increased its role in various financial markets.