recently due mainly to the decrease in housing investment. the advance estimates of real gdp for the july - september quarter increased at an annual rate of 1. 6 percent on a quarter - on - quarter basis. business fixed investment has continued to increase against the background of high corporate profits, and the deceleration in the growth of private consumption has been moderate supported by the increase in household income and the drop in gasoline prices. therefore, the u. s. economy is likely to realize a soft landing and to move toward sustainable growth. however, it is important to continue to pay attention to the extent of adjustment in housing prices and whether this affects private consumption, as these factors could impact on production and exports in japanese industries, for example, in the it - related industry. upside risks should also be watched closely, such as the risk of inflation expectations rising in the u. s. economy, given that the rate of resource utilization is high. taking a look at the global economy as a whole, the chinese economy continues to expand strongly, and in the euro area, the momentum of economic recovery is becoming more evident. oil - producing countries, such as those in the middle east, continue to experience an economic boom. the global economy is likely to keep expanding even in the face of a modest slowdown in the u. s. economy, as expansion in other economies may be expected to offset it. the second factor is whether strong corporate performance will continue. corporate profits continue to be high as indicated in the semiannual book closings for the first half of fiscal 2006, and business fixed investment continues to increase. although machinery orders, a leading indicator of business fixed investment, declined substantially in the july - september quarter, this does not indicate a change in the underlying trend of business fixed investment, because the decline was partly a reaction to the sharp increase in the previous quarter and is largely attributable to the fall in orders for cellular phones. the uptrend in corporate profits and business fixed investment is evident in the september tankan ( short - term economic survey of enterprises in japan ) as well as in the results of various surveys conducted on small firms. however, the bank does not consider the current state of business fixed investment indicative of overheating. the recent growth in business fixed investment has been supported by the fact that firms are factoring the ongoing rapid growth of the global market into their business strategies, and at the same time are still displaying a strong tendency to evaluate investment profitability

attached to payment and settlement activities, especially if such information is concentrated to central banks. moreover, we should try to grasp the possible impacts of new technologies, such as blockchain and distributed ledger technology, on payment and settlement infrastructures including central bank payment and settlement systems. we need to bear in mind that central bank payment and settlement infrastructures are operated 3 / 4 bis central bankers'speeches by using the nation ’ s resources. therefore, when central banks consider how and to what extent they should provide their infrastructures, they must examine whether doing so would contribute to the economy. in order for central banks to make appropriate decisions on such matters, it is extremely important to engage in sincere and constructive communication with a wide range of users. the bank of japan highly respects the opinions of users. bearing these opinions in mind, the bank has considered very carefully how and to what extent it should provide its settlement infrastructures to the economy, and has taken decisive action. in terms of the time dimension, since february 2016, the bank has extended the operating hours of the boj - net until 9 o ’ clock in the evening, and will continue to consider appropriate operating hours through discussions with users. in terms of the space dimension, the bank announced today that it will permit the boj - net to be accessed from terminals overseas, which is called “ global access. " the bank will continue to make utmost efforts to advance our payment and settlement infrastructures with the changes in economic environments in order to provide the optimum functions. to help us achieve this, we always appreciate constructive dialogue with all of you. 4 / 4 bis central bankers'speeches