The Japanese and U.S. experiences in the past three decades I mentioned before remind us of three things. First, such experiences confirm the importance of technological progress as a major engine of economic growth. Second, at the same time, they suggest the possibility that some additional factors also play a key role in determining sustained economic growth, such as financial systems and globalization.
Third, they indicate that a low inflation environment emerges as a new challenge for sustained economic growth. Now I will elaborate on some important but often-ignored or newly-emerged factors in achieving sustained economic growth. This year’s conference takes up such issues in a well-balanced manner. I am convinced we will be able to broaden and deepen our understanding of economic growth here.