At 6.3%, M3 growth was substantially above the reference value of 4 1/2%. This deviation of M3 growth from the reference value, combined with the strong growth of both M1 and credit to the private sector, indicates that liquidity conditions continued to be ample in the euro area through May.
*  *  *  Introduction The Bank of Japan submitted to the Diet its Semiannual Report on Currency and Monetary Control for the second half of fiscal 2010 in June 2011. I am pleased to have this opportunity to talk about recent developments in Japan’s economy and present an overall review of the Bank’s conduct of monetary policy. I.