* Introduction  *  *  1  The Bank of Japan submitted its Semiannual Report on Currency and Monetary Control for the second half of fiscal 2001 to the Diet in June 2002. I appreciate this opportunity to present an overall review of the Bank's recent conduct of monetary policy.
Today, I would like to make some remarks on the Bank's view of Japan's recent economic and financial developments and on the thinking behind our recent conduct of monetary policy. I. Developments in Japan’s Economy  Japan's economy continued to deteriorate throughout 2001 and into early 2002, reflecting the rapid deceleration of the world economy due to adjustment in IT-related industries.