year. 5 the book provides guidance with succinct, clear statements and practical examples to help promote understanding of the code among tokyo market participants. iv. concluding remarks i firmly believe that the successful development of a single global code and greater adherence to it will reinforce the functioning of the foreign exchange market and facilitate vibrant, sound development of the market. the bank of japan has been, and will continue to fully support and be committed to the work of the global code. i am confident that this tokyo meeting will provide us with a valuable opportunity to achieve further progress in our work. thank you very much for your kind attention. available at http : / / www. fxcomtky. com / coc / code _ of _ conduct _ e2015. pdf. bis central bankers ’ speeches

particularly the asean economies, which are closely linked to japan ’ s economy. as for the outlook, exports as a whole – including indirect exports via asian economies such as china and the nies – are likely to increase moderately, as the growth rates of advanced economies such as those of the united states and europe increase. 2. developments in business fixed investment turning to the corporate sector, it is important that increases in corporate profits and demand lead to growth in business fixed investment. corporate profits have been recovering on the back of firm domestic demand and developments in the foreign exchange market. business fixed investment has been picking up on the whole, including the manufacturing sector, which had been lagging behind. going forward, business fixed investment is likely to follow a moderate increasing trend against the backdrop of an improvement in corporate profits and the effects of monetary easing. in the context of investment profitability, profitability from business fixed investment is likely to improve and the extent of the monetary easing stimulus to encourage investment is likely to strengthen, owing to a rise in the rate of return on capital due to economic recovery combined with the decline in real interest rates mainly reflecting a rise in inflation expectations. as to the objects of investment, latent demand for the maintenance and replacement of equipment has built up, reflecting past restraints on firms ’ investment, and has become more likely to materialize. investment related to disaster prevention and energy is also expected to increase. furthermore, firms ’ medium - to long - term growth expectations are likely to rise moderately, due partly to the positive initiatives to strengthen the competitiveness and growth potential of japan ’ s economy, such as the government ’ s regulatory and institutional reforms and various tax reduction measures, as well as firms ’ restructuring efforts. in such an environment, if business fixed investment continues on an uptrend and firms ’ efforts to accumulate capital in growth sectors and increase labor bis central bankers ’ speeches productivity make headway, the potential economic growth rate – the real strength of the economy – should also rise moderately. 3. employment and income situation i would now like to talk about the employment and income situation, which is one of the key factors in achieving a sustainable recovery in domestic demand. private consumption has recently been resilient thanks to continued active spending by the elderly – the baby - boom generation in particular – and is underpinned by the wealth effects of the rise in stock prices. while active spending by the elderly is expected to continue as firms work to capture demand, the key to economic improvement in