of market participants how together we can improve the abs market and other financial markets. furthermore, through our on - site examinations and off - site monitoring, we wish to deepen discussions with banks and other financial services providers on ways to better manage their business in line with the enhancement of the market functions. the bank will enhance the effect of monetary policy by continuing to review market operations, as well as contribute to strengthening the functioning of the financial and capital markets. let me conclude by saying that, as our efforts to enhance financial services in japan bear fruit, i am confident that there will gradually emerge a completely new financial system, one which is innovative and provides the strong support to the country ’ s economy that it deserves. thank you for your kind attention.

united kingdom. the weights are proportional to u. s. dollar - denominated gdp computed at market exchange rates. growth in industrialized countries went from about 3 - 1 / 2 percent to 1 - 1 / 2 percent, then recovered only to 1 - 3 / 4 percent. the recovery in the other industrialized countries took longer than in the united states, with growth picking up further after 2004, but the pattern was broadly similar. the emerging market economies aggregate is based on the real gdp growth rates of argentina, brazil, chile, china, colombia, hong kong, india, indonesia, korea, malaysia, mexico, peru, the philippines, russia, singapore, south africa, taiwan, thailand, turkey, and venezuela with the same weighting scheme as that used for industrial countries. doyle and faust ( 2005 ). kose, otrok, and prasad ( 2008 ). the other dimension of recent linkages is financial, where the evidence is clearer. first, few question the importance of financial linkages between the united states and other industrial economies, which is an area where decoupling clearly has not occurred during the recent episode. while industrial country markets for stocks and bonds have displayed a high degree of co - movement for years, in the current episode we are seeing notable new correlations across money markets, with disruptions in funding markets showing up in the euro area, switzerland, the united kingdom, and canada, as well as in the united states. some of the effects of the u. s. subprime mortgage crisis on financial markets in these countries occurred as a result of direct or indirect balance sheet exposures by their financial institutions to u. s. securities. other adverse consequences for foreign financial institutions occurred when entire markets, such as that for asset - backed commercial paper, became impaired. in contrast, some have pointed to the apparent resilience of financial conditions in emerging market economies during the past year as an example of decoupling. in particular, the disruptions in the advanced economies have had only limited impacts on money markets in emerging market economies, and other financial market indicators in emerging market economies appear to have held up relatively well. for example, the spreads of emerging market sovereign bond yields over u. s. treasury securities have risen since june of last year, but by only about 1 / 3 of the rise in the average u. s. corporate high - yield spread over u. s. treasury securities. that rise is roughly half the average in several previous