Since then, the economy has weakened somewhat, as shown by a marked decline in exports and industrial production. This reflects weakened demand from overseas economies – especially exports destined for  13  For example, see Shirai, Sayuri, “Have Demographic Changes Affected Japan’s Macroeconomic Performance?
Meanwhile, work at the international level is ongoing to examine potential gaps and inconsistencies of the current framework and to develop proposals on further regulatory measures on different parts of the shadow banking system, including money market funds, securitisations and repos. d.  OTC derivatives markets  The last priority area I am addressing is reforms in Over-the-Counter (OTC) derivatives markets.