At a recent conference sponsored by the Federal Reserve Bank of Kansas City, Fed Chairman Greenspan emphasized that the flexible US labor market had contributed to recent high economic growth, by noting the seemingly paradoxical situation of low unemployment despite many layoffs. From these viewpoints, we definitely observe the seeds of changes in the recent development of Japan’s economy.
Let me give you some concrete examples of such change. 3  BIS Review 72/2000  First, the reform of systems is proceeding rapidly. For example, a number of changes have been made in the area of accounting, including mark-to-market valuation, more adequate pension liability accounting, and the review of the relationship between subsidiaries and their parent companies.