So, this brings us to the end of a somewhat lengthy introduction. Today I will first describe the current state of Japan’s economy and its outlook. After illustrating the challenges confronting our economy, I will explain the Bank of Japan’s conduct of monetary policy.
Let me begin by saying how honoured I feel to be chosen to receive this prestigious award. It is a particular honour to follow in the footsteps of such a distinguished group of predecessors, and to receive the award from such an eminent central banker as Wim Duisenberg, whom I have been proud to count as a friend and mentor for many years.