. there is a discontinuity in the data for december 2003 due to a change in the survey framework. 2. shaded areas denote recession periods. source : bank of japan. notes : 1. based on the financial statements statistics of corporations by industry, quarterly. excluding " finance and insurance. " 2. shaded areas denote recession periods. source : ministry of finance. chart 3 corporate sector in japan coincident indicators of business fixed investment s. a., ann., tril. yen planned and actual business fixed investment s. a., cy 2015 = 100 y / y % chg. private nonresidential investment ( sna, real, left scale ) domestic shipments and imports of capital goods ( right scale ) private construction completed ( nonresidential, real, right scale ) cy 08 note : figures for real private construction completed are based on bank staff calculations using the construction cost deflators. sources : cabinet office ; ministry of economy, trade and industry ; ministry of land, infrastructure, transport and tourism. - 5 private nonresidential investment ( sna, nominal ) - 10 tankan ( actual ) - 15 - 20 fy 08 tankan ( planned investment in current fiscal year as of the june survey of each year ) notes : 1. the tankan figures include software and r & d investments and exclude land purchasing expenses. r & d investment is not included before the march 2017 survey. the figures are for all industries including financial institutions. 2. the figure for private nonresidential investment for fiscal 2023 is that for 2023 / q2. sources : cabinet office ; bank of japan. chart 4 corporate sector in japan industrial production real exports and imports s. a., cy 2020 = 100 s. a., cy 2020 = 100 s. a., % of real gdp real trade balance ( right scale ) real exports ( left scale ) - 2 real imports ( left scale ) production cy 08 cy 08 notes : 1. shaded areas denote recession periods. 2. the figure for 2023 / q3 is that for july. source : ministry of economy, trade and industry. - 4 note : based on bank staff calculations. figures for 2023 / q3 are those for july. sources : cabinet office ; ministry of finance ; bank of japan. chart 5 corporate sector in japan real exports by region real exports by type of goods s. a., 2018 / q1 = 100 s. a., 2018

jaime caruana : coordinating regulation and supervision of banks - basel ii and beyond remarks by mr jaime caruana, governor of the bank of spain and chairman of the basel committee on banking supervision, at the global operational risk forum of the risk management association, paris, 24 october 2003. * * * i would like to thank the organizers for inviting me to this forum on operational risk. as the new chairman of the basel committee on banking supervision, it is a pleasure for me to join you, the members of the risk management association, in a discussion about the latest trends in capital and risk management. overview many of you have travelled great distances to join us here. perhaps part of the attraction was the chance to enjoy the charms of autumn in paris. but the main reason is that you believe risk management matters. indeed, from their first meetings in philadelphia almost 90 years ago, the members of the risk management association have long helped to promote sound risk management, offering training, educational resources, and forums such as today ’ s event to financial professionals. moreover, for more than 80 years the rma has emphasised the analysis of quantitative data in helping to evaluate risk through its collection and annual publication of financial data and benchmarks. through your efforts, and the efforts of associations similar to the rma, you are helping to advance the state of the art in the management of credit, market, and operational risk and to encourage responsible banking practices. on this front, a risk manager and a bank supervisor share similar interests. a risk manager seeks the best risk measures and management techniques to protect a bank against losses, to hone its competitiveness, and to enhance its profitability and long - term growth. supervisors, for their part, advocate the use of sound risk management practices to ensure the adequate capitalisation and prudent management of all banks. this, in turn, strengthens the ability of financial sector to withstand periods of distress, to serve as an intermediary of credit through good times and bad, and to contribute to more sustainable growth in the economy. the basel committee ’ s landmark revision of the international bank capital standard represents one of the most important global efforts to encourage the responsible pursuit of risk and rewards and, hence, to promote greater financial stability. this represents the outgrowth of trends in many countries to build incentives into the regulatory framework that encourage banks to identify and understand the risks they face today, to consider what risks may arise tomorrow, and to respond actively and appropriately to both