The market turbulence experienced in September and October 2015, as well as in the past week, also highlight the manner in which developments in China, and fears of a crisis in emerging markets, will influence financial market conditions. Whilst the announcement of the initial Fed rate hike removed one source of uncertainty, other potentially more disruptive risks persist.
Therefore, it is essential that we share our experiences and deepen our understanding of where the problem lies and how policies can address it. Above all, since future demographic changes can be predicted with some degree of certainty, we can prepare policy responses to their medium- to long-term trends in advance through constructive discussion.