Today, before exchanging views with you, I will first talk about the developments in overseas economies, including the European debt problem, followed by a short-term outlook and medium- to long-term challenges Japan’s economy is faced with, while focusing on the recent developments in domestic demand. Finally, I will talk about the recent monetary policy conduct of the Bank of Japan. I.
The QFII and CIBM programs differ in a number of respects, including: the types of mainland securities that can be purchased; the types of investors that are eligible to apply; and the mechanisms that are available to convert foreign currency into RMB. BIS central bankers’ speeches  3  between our two economies.