4  BIS central bankers’ speeches  Responding to the aging population The second course is to respond to the rapidly aging population. The long average life expectancy of the Japanese people implies that health, the condition most vital to well-being, is being fulfilled at a high level.
“Lombard Street”, the classic work of Walter Bagehot on the London money market recounts multiple instances of panic gripping this market.1 Bagehot’s book also made a series of recommendations for how the Bank of England should react to such bouts of market instability.