BIS Review 82/1997  -4-  Yet this has not depleted funds in Japan or caused domestic interest rates to remain at a high level. With global capital flows as active as they are today, the mechanism of the floating exchange rate system will function only more expeditiously. In other words, the speed of market adjustments has accelerated.
In the last meeting, the Governing Council has reassessed its perception of the balance of economic risk. Different Governing Council members were coming from different places and there had been public statements.