at around 1 percent, which has been the average over the past two decades, the growth rate from 2010 onward may be forecast at an annualized average of about 0 to 0. 5 percent. during the 2030s, negative growth is likely to become the norm. b. measures to counter the declining population given that this situation is clearly foreseeable, the utmost efforts must be made to improve it. currently, the real gdp growth rate per worker is fairly high in japan compared with other countries. if no action is taken, however, the rate per capita will decline as a result of the lower ratio of workers to population caused by population aging. real gdp growth per capita serves as a benchmark of national wealth. thus, it is possible that the current standard of living and welfare, achieved through hard work over many decades, will not be enjoyed by our children and grandchildren. in order to avert this situation, it is imperative to increase labor productivity per worker and ensure that the number of workers is maintained despite the declining population. 1. increasing labor productivity in order to raise labor productivity, it is generally agreed that the following steps must be taken : ( 1 ) develop new technology, products, and services ; ( 2 ) ensure the full application of bis central bankers ’ speeches information technology, while redistributing resources from sectors and firms with low productivity to those with higher productivity ; and ( 3 ) facilitate regeneration of industries. i will not elaborate on this broad subject today, but will focus instead on the issue of measures to halt the decline in the number of workers. 2. increasing the number of workers as often pointed out in the past, given the declining population – which is an undeniable and unavoidable development – it is necessary to increase the labor participation of women and create job opportunities for the elderly in order to stop the number of workers from declining. a. women in 2011, the number of japanese women aged 25 – 64 without jobs and not seeking employment averaged as many as 10 million ( women under 24 are assumed to be at school and are excluded ). a breakdown of the labor force participation rate by age group shows that the rate dips in japan for women in their 30s, indicating the burden of raising children. consequently, the data represented in a line graph are “ m - shaped. ” there has been an increase in recent years in the number of nursery schools to address the serious shortage in japan of such schools, which has prevented mothers from working

john c williams : ten years gone remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the 10th annual us treasury market conference, federal reserve bank of new york, new york city, 26 september 2024. * * * as prepared for delivery introduction welcome, everyone. thank you for joining us. and a special thank you to those who make today's event so powerful : the distinguished speakers, panelists, and event organizers. we have a packed agenda on a variety of important topics, and i look forward to hearing about the progress we've made and priorities for the future. ten years gone today marks our tenth annual u. s. treasury market conference, and a decade of partnership between our agencies. these conferences have proven to be a valuable forum to share insights and perspectives on the evolution of the treasury market, identify challenges and risks to smooth market functioning, and, most importantly, discuss ways to enhance its resilience and effectiveness in both good times and bad times. the new york fed is proud to host this conference each year. it leverages - sorry, i realize that leverage is not a popular word in this crowd - it draws upon our strength as a convener of market participants, academics, policymakers, and central bankers. today, i'll take a look at how our interagency collaboration has strengthened our understanding of treasury market resiliency and that of adjacent markets. and i'll talk about the importance of continuing this work over the next decade and beyond. i will also share some news about our ongoing commitment to ensuring that our financial system continues to stand on a strong foundation of sound reference rates. now, let me give the standard fed disclaimer that the views i express today are mine alone and do not necessarily reflect those of the federal open market committee ( fomc ) or others in the federal reserve system. stairway to the annual conference let's think back to the middle of october 2014, when u. s. treasury yields plunged and then quickly rebounded, an episode later named the " flash rally. " this episode was an impetus for the drafting of a joint staff report that ultimately led to the inaugural u. s. treasury market conference in 2015. 1 that conference first brought together what is now known as the " joint member agencies " to discuss the evolving structure of the treasury market. that meeting focused on potential operational risks, regulatory requirements, and repo market considerations.