understanding how – in light of evolving financial vulnerabilities – funds may collectively respond to different adverse shocks. and, in turn, how such behaviour could affect the functioning of core global markets in times of stress. this can only be achieved through close collaboration, both across borders and across authorities. and it is necessary if we are to mitigate system - wide vulnerabilities effectively ex ante. which brings me to my last point, before we finish up. delivering a macroprudential perspective in the oversight of the funds sector will not happen overnight. it took over a decade to develop that framework for the banking sector. and that was from a starting point of decades of microprudential regulation. 4 / 5 bis - central bankers'speeches still, it is important that we make progress and – where we do identify systemic vulnerabilities – we have the courage to act, before shocks hit. because ultimately the costs of inaction can be large, both for investors and the broader economy. this has been, and will remain, a priority for the central bank of ireland in the years ahead, working with colleagues internationally and domestically. so let me finish off here. thank you again for joining us today. have a good evening and a safe return home to those travelling back. 1 see fsb ( 2023 )'revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open - ended funds'at : https : / / www. fsb. org / wp - content / uploads / p201223 - 1. pdf. 2 see central bank of ireland ( 2022 )'the central bank's macroprudential policy framework for irish property funds ', available at : https : / / www. centralbank. ie / docs / defaultsource / financial - system / financial - stability / macroprudential - policy / nbfi / macroprudentialmeasures - for - irish - property - funds. pdf ; and central bank of ireland ( 2024 ),'the central bank's macroprudential policy framework for irish - authorised gbp - denominated ldi funds ', available at : https : / / www. centralbank. ie / docs / default - source / publications / consultation - papers / cp157 / macroprudential - framework - for - irish - authorised - gbp - ldifunds. pdf? sf

private demand. with regard to prices, import prices are rising due to the increase in international commodity prices such as crude oil prices, along with the recent depreciation of the yen. domestic wholesale prices, notwithstanding the fall in prices of electric machinery, are flat mainly due to the rise in prices of petroleum and chemical products reflecting an increase in crude oil prices. meanwhile, consumer prices are somewhat weak due to a decline in prices of imported products reflecting the past this report was written based on data and information available when the bank of japan monetary policy meeting was held on 8 march 2000. the bank ’ s view on recent economic and financial developments, determined by the policy board at the monetary policy meeting held on 8 march as the basis of monetary policy decisions. appreciation of the yen. corporate service prices are still falling slowly. as for the outlook, upward pressure on prices is likely to arise from the gradual improvement in domestic supply - demand balance, as shown in the decline in inventories, and from the rise in crude oil prices. on the other hand, downward pressure is expected from the long - term declining trend of machinery prices due to technological innovations and from the fall in prices of imported products reflecting the past appreciation of the yen. on balance, overall prices are likely to remain unchanged for the time being. however, attention should still be paid to the downward pressure on prices stemming from weak demand, as clear signs of a self - sustained recovery in private demand have not yet been observed and wages continue to fall. in the financial market, the overnight call rate has generally stayed near zero, except for a temporary rise reflecting concerns about the possible computer problems related to the leap year, and financial institutions have been confident about the availability of overnight funds. the amount outstanding of funds in the call money market increased slightly in late february, and decreased thereafter. interest rates on term instruments have generally been stable at an extremely low level. the japan premium remains negligible. yields on long - term government bonds were generally above 1. 8 % in february, but declined somewhat from the beginning of march, and are recently ranging between 1. 7 % and 1. 8 %. the yield spread between private bonds ( bank debentures and corporate bonds ) and government bonds continues narrowing, primarily that between private bonds with relatively low credit ratings and government bonds. stock prices have been firm on the whole, and are currently moving around 20, 000 yen. in the foreign exchange market, the yen weakened against the us dollar for most