That experience highlighted the importance of central clearing and led market participants to promote the wider use of JSCC in JGB transactions. Against that background, trust banks, which are major providers of funds in the JGB repo market, are expected to use JSCC in the form of so-called “repo trust” in the first half of 2014.
Over the last ten years, we have managed to maintain a stable rise in prices of 2.2% per annum on average in the euro area. This is a good result given the spectacular rise in the prices of raw materials and energy which has been recorded over this period.