Type II economic crises are not caused primarily by bad fiscal policy or bad monetary policy. One of the reasons I have a lot of sympathy for the Asian countries at the moment is that they did not get into their present trouble through undisciplined fiscal policy, and their monetary policy in the conventional sense1 was quite good.
When you are in Japan, you see what the potential is. Your colleague, Mr Toshihiko Fukui participated today for the last time in the G7 meeting in his capacity of the Governor of the Bank of Japan as his term of office comes to an end. How do you evaluate his last 5 years?