First of all, I would like to thank both Japan Society and the Institute of International Bankers for giving me the opportunity to appear before such distinguished guests. I also appreciate the warm introduction by Mr. Rhodes. The global economy is suffering through the crisis of an exceptional scale.
Many countries are struggling with the consequences of the global credit excess accumulated in the period of what we used to call “Great Moderation”. How to extricate our economies out of this plight is a top priority for governments and central banks all over the world. In these unusual circumstances, Japan’s crisis episode almost a decade ago is drawing renewed attention.