I would like to conclude my observations today by promising you that, consistent with what is in the Bank of Japan Act, the Bank will continue to discharge its responsibilities as "Fortress Japan" and maintain financial intermediation functions in Japan. Thank you very much for your attention.
13  Monetary Policy Divergence g and Global Financial Stability: From the Perspective of Demand and Supply of Safe Assets January 20, 2017 Speech at a Meeting Hosted by the International Bankers Association of Japan  Hiroshi Nakaso Deputy Governor of the Bank of Japan  Chart 1 Cross‐Border Claims of Banks in the World by Residence of Counterparty 2.5  ratio to world GDP, GDP %  3.0  ratio to world GDP, GDP %  to Developing Latin America and Caribbean  to Developing Asia and Pacific  2.5  to Developing Africa and Middle East  2.0  2.0 1.5 1.5 1.0 1.0 0.5  0.5  0.0 CY 1980  6  85  90  95  2000  05  10  15  ratio to world GDP, %  0.0 CY 1980  12  to Japan  5  8  3  6  2  4  1  2  0 CY 1980  90  95  2000  ratio to world GDP, %  10  4  85  05  10  15  ratio to world GDP, %  to United States (lhs) to United Kingdom (lhs) to Ireland, Italy, Greece, Portugal, Spain (lhs) to Developing l Europe (rhs) (h )  2  1  0 85  90  95  2000  Notes:1.