Risks to economic activity  In the April 2011 Outlook Report, the Bank listed the following as risk factors concerning the outlook for economic activity: (1) uncertainty about the possible effects of the earthquake disaster on Japan’s economy; (2) firms’ and households’ medium- to long-term growth expectations; (3) developments in overseas economies; and (4) the effects brought about by a possible further rise in international commodity prices.
Since then, the resounding success of microfinance proved, beyond any doubt, that an activity once seen as marginal or even charitable could in fact be undertaken in a sound, sustainable and profitable manner. This success catalyzed the push to look beyond microfinance and find ways to further expand the reach and scope of financial services.