whose economies have enjoyed rapid growth. second, rises in oil prices tend to cause income transfer to oil - producing countries through deterioration in the terms of trade of non - oil producing countries, thereby boosting the purchasing power of the former. the critical point in this regard is how the increased income is spent. judging from the recent rise in japanese exports to oil - producing countries and other evidence, it seems that a mechanism of income reflow from oil - producing countries to non - oil producing countries is in fact operating. in addition, it should be stressed that the recent crude oil hike has not led to a rise in a broad range of categories in consumer prices nor a heightening of inflationary expectations in major countries, and as a result, there has been no need for a rapid tightening of monetary policy. this can be explained by factors such as the increased credibility of monetary policy in countries pursuing price stability, and also the expansion of supply of low - priced products flowing into the global market as a result of entry of emerging countries. long - term interest rates remain at low levels in major economies as a result of stable prices and accommodative monetary policy. the pervasive low interest rate environment has laid the foundation of world economic growth, as seen, for example, in the u. s. economy, where low mortgage interest rates have boosted housing prices and this in turn has been supporting an increase in household expenditure. if crude oil prices remain high, we should keep close watch for any sign of a rise in inflation expectations or rapid tightening of monetary policy, leading to deceleration in world economic growth. in this context, we should also assess the negative effects of the hurricane which hit the united states late last month and has caused devastating damage to the oil production facilities and refineries in the area. based on the above economic outlook, i will elaborate on price developments. the corporate goods price index continues to rise, mainly reflecting the rise in crude oil prices, and this uptrend is expected to continue for the time being. with regard to the consumer price index ( cpi ), the change in the core cpi, which excludes fresh food, is hovering slightly below zero percent on a year - on - year basis. it is likely to become zero or slightly higher toward the end of the year since the negative contribution of rice prices and the reduction in electricity and telephone charges is expected to dissipate. the year - on - year rate of change in the cpi is expected

. he leads a team of trade professionals specialized in trade relationship management, risk mitigation strategies, logistic management, structured trade, new trade services and emerging payment channel instruments to provide integrated solutions to financial institutions and corporate clients. prior to his current role, asif was head of trade sales for europe, middle east and africa as well as for the firm ’ s global network trade business. he also worked at jpmorgan new york for 7 years and managed various trade teams. asif is a regular speaker of trade industry conferences and has written articles on trade & logistics management. he is also member of asian advisory council of bankers ’ association for finance and trade. 3. mr subin subaiah mr subin subaiah is a senior vice president of bank of america, heading their global treasury services business across the financial institutions client space in asia. prior to joining bank of america in june 2005, mr subaiah spent 6 years with deutsche bank, singapore where he held the position of managing director in charge of fi relationship management and had business line responsibilities for deutsche ’ s cash and trade business in south / south east asia and australia. mr subaiah spent his first twenty years in banking with bankers trust company holding a variety of senior positions in india, hong kong and singapore in their transaction banking and investment banking businesses, covering clients across asia. thank you.