The first is that the first responsibility of policy authorities in each country is the stability of their own economy, and this holds true in any era. Second, however, the way to fulfill this responsibility has changed with the advance in economic and financial globalization.
I feel that in the conduct of monetary and foreign exchange policies, it has become increasingly necessary to be aware of the global mechanisms of how one’s own policies and actions affect the world economy and international financial markets and of how these in turn affect one’s own economy.