First, the robustness of Japan's economy against external shocks has been remarkably strengthened compared with the past. As a result of restructuring efforts during the prolonged adjustment phase after the burst of the bubble, Japanese firms currently face no pressure to adjust production capacity, inventory, or employment. For this reason, the likelihood of any shock triggering a large-scale adjustment seems small.
*  *  *  It is an honour and privilege for me to be an integral part of the launch of the Global Competitiveness Report for the period 2011/12, as compiled by the World Economic Forum (WEF), in cooperation with national stakeholders.