***  Moderator: Governor Yi has just given a wonderful lecture by covering the framework of monetary policy, the “two-pillar” framework of monetary and macro-prudential policies, as well as the considerations about the monetary policy framework under the new normal.
To a large extent, they came from investors in the United States and Western Europe. A substantial amount came from Japan, as well, owing more to a search for higher yields than to rising stock prices and capital gains in that country. The rising yen through mid-1995 also encouraged a substantial increase in direct investment inflows from Japan.