The monetary analysis confirms the prevailing upside risks to price stability at medium to longer horizons. Annual M3 growth rose further to 9.7% in December, marking the largest increase seen since the introduction of the euro. Of course, monthly figures can be volatile and we should not overemphasise short-term developments.
A number of projects are underway to nurture regional corporate bond markets, and the Bank of Japan has participated actively in some of these initiatives, including the successful launch of the  2  For more details, see Asian Development Outlook 2010 Update: The Future of Growth in Asia, Asian Development Bank, 2010.