As you are aware, amid slow growth and high inflation, the Indian economy had to contend with serious challenges to external stability emanating from an unsustainably high current account deficit (CAD), capital outflows and consequent exchange rate pressures over the last year. Measures initiated by Reserve Bank and the Government of India have since helped stabilise the economy.
The Bank of Japan appreciates your efforts, and that is why I am pleased to appear as the keynote speaker for the FIA Japan Conference today. To be honest, the futures market in Japan is falling behind those in other international financial centers.