At the same time, however, Japanese society has shown resilience. The work of rebuilding has started to get under way, gradually but steadily. In my remarks today, I will talk about the situation in Japan in the month after the earthquake and the work being done to rebuild Japan’s economy. II.
While we see the sound macroeconomic fundamentals continuing, we see some risks, particularly on the global front that could raise market volatility in the near-term: 1. We see that the Fed will continue to drive global market sentiment which may, depending on how market interprets the Fed’s forward guidance, translate to market volatility and  BIS central bankers’ speeches  1  2.