Considerable progress has been made in dealing with structural elements such as excessive capital stock, debt, and labor in the corporate sector, and the vulnerability in the financial system, all of which have delayed the recovery of the Japanese economy. Japan, it seems to me, is once again well poised to contribute positively to the world economy.
Against this backdrop, the economic and financial ties between the United States and Japan remain as important as ever. On behalf of all the current and past colleagues of mine at the Bank, I would like to express my deepest gratitude for the unconditional support that has been extended to us over the years.