Financial and economic information obtained on those occasions has been valuable in the Bank’s policy conduct, and I take this opportunity to thank you for your cooperation. Today, I will review the recent developments in Japan’s economy, followed by challenges facing it, while bearing in mind the activities of small and medium-sized enterprises (SMEs). Then, I will explain the Bank’s recent monetary policy conduct.
I. Recent developments in Japan’s economy  Recent economic developments and outlook for the immediate future Let me start with the recent economic developments in Japan (Chart 1). Japan’s economy rapidly recovered from the plunge following the Great East Japan Earthquake through last summer.