As you are well aware, the Bank of Japan undertook further aggressive monetary easing for two months in a row, in September and October 2012. Today, I will begin by explaining these policy measures while outlining our assessment of the underlying economic activity and prices. I will then discuss various issues regarding deflation and monetary policy conduct and explain our thinking behind these issues.
•  The broad outlines of the Canadian outlook are the same, but its profile has shifted. •  Canada's real GDP is projected to decline by 3.0 per cent this year, and growth is expected to resume in the autumn and accelerate to 2.5 per cent in 2010, and 4.7 per cent in 2011.