From the second half of fiscal 2011, economic activity remained more or less flat mainly due to an adverse effect on exports and production of the slowdown in overseas economies and the appreciation of the yen. More recently, however, it has become increasingly evident that the economy is shifting toward a pick-up phase, although economic activity has remained more or less flat (Chart 1).
I would also like to put on record the excellent support I have been receiving from all members of the Governing Board to achieve what we have been able to achieve so far. There is certainly a more exciting journey awaiting us going forward.