stephen s poloz : $ 5 and $ 10 bank note issue remarks by mr stephen s poloz, governor of the bank of canada, presented to the canadian space agency, saint hubert, quebec, 7 november 2013. * * * it is a great honour for me to be here to complete the launch of the frontiers series of bank notes. as of today, we are releasing the new $ 5 and $ 10 polymer notes, which are now ready to join the twenties, fifties and even maybe a hundred or two that have already made their way into our wallets. one of the most important functions of the bank of canada is to design and issue bank notes that are hard to counterfeit so that canadians can use them with confidence. with this new, innovative series, the bank has produced some of the most secure bank notes in the world. as governor of the bank, i join all my colleagues in expressing our pride in the frontiers series. it is aptly named since each bank note pushes the frontiers of security and technological innovation to maintain low counterfeiting levels and ensure that confidence in cash remains strong. the images on the bank notes also speak to the theme of frontiers. each tells a uniquely canadian story. with the $ 100 note, the story is medical innovation, including the discovery of insulin and the invention of the pacemaker. on the $ 50, we evoke our far north and arctic research. on the $ 20, the image of the canadian national vimy memorial reminds us of the valour and sacrifice of canadian soldiers in military conflicts throughout our history. the bank notes we are issuing today continue this tradition. the new $ 5 and $ 10 bank notes tell a story about the frontiers of our country and even our universe. the $ 5 note highlights canada ’ s technological achievements that look skyward – our contributions in robotics to the international space station program. the $ 10 note depicts a great feat of engineering from canada ’ s past – the joining of east and west by rail. this is where the bank note story gets personal for me. i grew up hearing about george stephen, whom i am named after. he was president of what was then the new railway company, and was the principal financier of the building of cp rail. by all accounts he was a man who shunned the limelight and who said about himself that he had neither the training nor the talents to accomplish anything without hard work. well, without his hard work, we may not have had the

november 16, 2020 bank of japan economic activity, prices, and monetary policy in japan speech at a meeting with local leaders in eastern hokkaido ( via webcast ) masai takako member of the policy board ( english translation based on the japanese original ) i. developments in economic activity and prices i would like to start my speech with a look at developments in economic activity and prices. following the discussion at the monetary policy meeting ( mpm ) held in october 2020, the bank of japan published the outlook for economic activity and prices, or the outlook report. in this report, the bank presented its projections for japan's economic activity and prices from fiscal 2020 through fiscal 2022. i will explain developments in economic activity and prices by presenting the main content of the outlook report. a. overseas economies let me first touch on the current situation of overseas economies. the bank assesses that they have picked up from a state of significant depression. after hitting bottom this april, when around half of the world's population of 7. 8 billion people were forced to stay at home, global economic growth rebounded to a relatively high level temporarily in the july - september quarter, mainly reflecting a resumption of economic activity, the materialization of pent - up demand, and a recovery in production. indeed, the global purchasing managers'index ( pmi ) for both manufacturing and services for this period regained the boom - or - bust dividing line of 50. global production and the world trade volume also seemed to have picked up. as for the outlook, with the impact of the novel coronavirus ( covid - 19 ) waning gradually, overseas economies are likely to improve, partly supported by aggressive macroeconomic policies taken by each country and region. that said, it is noteworthy that the recent pace of improvement is uneven across business sectors and countries. it can be said that there is also a high level of uncertainty regarding this improvement, given that public health measures have been tightened again, mainly in europe, which could temporarily push down economic activity. by sector, a clear v - shaped recovery has been seen in some, whereas a recovery in demand is still not in sight in others. i believe this contrast between sectors has started to become gradually more evident than that observed at the time of the global financial crisis ( gfc ). in particular, comparing the impact of covid - 19 on goods and services, that on services has been conspicuous recently. for example, regarding private consumption in the united states,