By the way, if you look at the short history of the Philippine inflation-targeting central bank, the longest number of consecutive months where we missed our [inflation] target  1/3  BIS - Central bankers' speeches  on the high side is 15 months. So, what it really means is that supply shocks do not become self-perpetuating inflation.
Since then, a large number of Bank of Japan staff members – including myself – have established strong ties with France thanks to the hospitality of the Banque de France and the pleasant atmosphere in Paris.