Japan's first weir equipped with modern technology has protected the Echigo Plain from devastating damage caused by the overflowing of Shinano River and has supported the development of Niigata. I would like to close my remarks by expressing my respect for the great innovations of our ancestors and my hope for the further development of Niigata Prefecture's economy in the post-pandemic era.
Historically there has been a correlation between wholesale and consumer price inflation, and given this correlation, consumer price inflation too can be expected to soften in the months ahead. The Reserve Bank's monetary policy stance has always been to balance growth, inflation and financial stability concerns. When inflation surged earlier this year, the RBI had moved quickly to tighten policy.