Specifically, Japanese society since the second half of the 1990s has prioritized securing employment, and it effected reductions in costs largely by cutting back wages; consequently, prices fell (Chart 26). Looking at development patterns of corporate profits, wages, and prices during economic recovery phases, these three indicators moved together in the same direction during the high-growth era in the 1970s (Chart 27).
It is crucial to have payment and settlement systems that function under all circumstances to prevent the economy from being disrupted. The objective is to develop a framework which guarantees the operational integrity of all critical infrastructure that are also shared by financial market. I am confident that we can reach this target in good cooperation between the financial industry and the authorities.