As things have turned out, domestic demand has remained strong (with very little adverse confidence effects from Asia), and the lower exchange rate effectively buffered us from the worst aspects that had been expected.
It also matters whether firms’ and households’ growth expectations will decline, leading to cautious spending attitudes. At present, it seems possible to avoid these risks owing to the government’s and the Bank’s responses, but future developments warrant attention. Lastly, let me touch on the Bank’s thinking on future conduct of monetary policy.