I thank Director, National Institute of Securities Markets, Dr Sandip Ghose and the Institute of Company Secretaries for having me here and my dear friend, Prashant Saran, for that brilliant opening address, which quite sets the tone for this panel. Que custodiet ipso custodes? Who will guard the guards ?
After the autumn of 2008, against a backdrop of the economic downturn in the United States and Europe, Japan’s exports and production plunged, and Japan’s economy suffered an unprecedented large fall. From the spring of 2009, Japan’s exports and production have been increasing due to the progress in inventory adjustments at home and abroad as well as the effects of economic stimulus measures.