Sakuya Fujiwara: Inside a monetary policy meeting Speech by Mr Sakuya Fujiwara, Deputy Governor of the Bank of Japan, at Toyo University, 13 March 2003. *  *  *  Introduction I would like to express my gratitude for the opportunity to give this speech.
A general lesson from the global financial cycle that generated expansionary conditions in the financial systems of many advanced economies during 2003–2007 which was followed by costly reversals is that macroprudential policies are required in order to ensure that the financial system is resilient in the face of such volatility.