Among many reform agenda, I will focus on the importance of facilitating further integration of Japan into the global economy. Further integration into the global economy Although at home resources are constrained by the declining population, there is a great source of usable technology, labor, and management skills abroad.
First and foremost, we must complete the revamp of the Basel capital framework and the liquidity standard, along with the complementary changes, including provisioning, that address the problems of procyclicality that we have seen in this crisis. We made a major step forward on this issue in December, when the Basel Committee released – on schedule – the full package of reform proposals.