2017 is now just a week away. Today, to round off 2016, I would like to take a look back at this year's economic developments. Then, from a somewhat longer-term perspective, I would like to talk about the current phase of the global economy, and close my speech by touching on challenges facing Japan's economy, looking ahead to next year. I.
The Global Economy in 2016 Reviewing 2016, it started off with volatile global financial markets. Specifically, Shanghai stock prices declined significantly at the beginning of the year, reflecting uncertainties regarding developments in the renminbi, and this led to a rapid worsening of investors' risk sentiment. These developments in emerging economies brought about declines in stock prices and long-term interest rates in major advanced economies.