It is also important to take measures based on the macroprudential perspective of assessing risks of the whole financial system with due consideration to the interconnectedness of the real economy, financial markets, and behavior of financial institutions. Such importance of macroprudential policy became widely recognized around the globe when the global financial crisis jolted the world economy 10 years after Japan's financial crisis.
Today, I will talk about macroprudential policy and its challenges while touching on the Bank's experiences thus far and the recent situation of Japanese financial institutions. Financial crises do not always emerge in the same form.