Finally, I will comment briefly on a conjunctural issue--the state of the Japanese economy and the monetary policy of the Bank of Japan. I hope to answer a few questions, if we have time before I have to head to Dulles Airport to catch my plane to Tokyo.
Structural changes in the global economy The global economy has undergone significant structural changes in the last decade. Of those changes, in my view, three are most important. The first is the entry of emerging market economies into the market-based economic system. The second is the progress we have observed in information, communications, and telecommunications (ICT) technology.