the second point, the bank announced that, in purchasing jgbs, the yields might move upward and downward to some extent, mainly depending on developments in economic activity and prices. it also decided to conduct such purchases in a flexible manner so that their amount outstanding would increase at an annual pace of about 80 trillion yen. furthermore, it decided to purchase etfs and j - reits so that their amounts outstanding would increase at annual paces of about 6 trillion yen and about 90 billion yen, respectively. at the same time, with a view to lowering risk premia of asset prices in an appropriate manner, the bank announced that it might increase or decrease the amount of purchases depending on market conditions. by allowing for some elasticity in the monetary policy framework, the bank can respond flexibly to some extent to developments in financial markets. moreover, in april 2019, the bank made clearer its policy stance to persistently continue with powerful monetary easing. specifically, regarding its forward guidance for policy rates, the bank added developments in overseas economies as a factor to consider when judging whether it would maintain the current extremely low levels of short - and long - term interest rates ; in addition, it clearly presented a point of reference for the expression " for an extended period of time " as at least through around spring 2020. furthermore, in order to contribute to smooth implementation of fund - provisioning and asset purchases as well as secure market functioning, the bank decided to take the following measures and initiative : ( 1 ) expand eligible collateral for the bank's provision of credit ; ( 2 ) improve the use of the fund - provisioning measure to support strengthening the foundations for economic growth ; ( 3 ) relax the terms and conditions for the securities lending facility ( slf ) ; and ( 4 ) consider introducing an etf lending facility. the bank will persistently continue with powerful monetary easing in a sustainable manner under the framework of qqe with yield curve control by devising measures considered necessary at the time and strengthening the framework. c. coping with current uncertainties my understanding is that global financial markets as a whole remain risk averse, and this development seems to be strengthening recently amid rapid alternation between pessimism and optimism due to factors of a very strong political nature. for example, in germany, interest rates on all instruments from overnight loans to 30 - year government bonds temporarily became negative, and in switzerland, interest rates on all instruments up to 50 - year government bonds were negative at one point. in the united

of shimizu, an international hub port, is laying the groundwork to make its logistics more efficient and highly competitive. the prefecture is also taking steps to promote exports of food, including products from other prefectures that are now easier to transport after the full opening of the chubu odan expressway in 2021. in addition, as a network of roads takes shape along the izu peninsula, the prefecture is dedicating its efforts to promoting tourism and creating a healthcare industry centered on the peninsula's hot springs. such initiatives are drawing notice since they are utilizing accumulated capital as a driving force to spark growth in exports and capture inbound tourism demand. the second set of initiatives involves the creation of new industries - - that is, efforts to harness knowledge. 12 mainly in the western part of the prefecture, where the automobile industry is concentrated, industry, academic institutions, and local government agencies are working together to address major changes in the environment, such as advancement of so - called case technologies. 13 while tracking the technological demands of next - generation vehicles, this region is providing comprehensive support in areas ranging from development and design to manufacturing and sales, so that the relevant small and medium - sized firms can cultivate new businesses. moreover, besides the efforts made by local governments, it is impressive that a growing number of regional financial institutions in the prefecture are fostering and supporting entrepreneurs and venture startups by leveraging their respective infrastructures, networks, and knowledge. the third set of initiatives involves creating communities that can attract people. earlier, i noted that economic growth is possible even amid a declining population, but still, curbing the decline is a critical challenge in terms of encouraging technological innovation and business startups. to this end, it is essential to develop communities that provide comfortable places to work and live in. efforts made by nagaizumi town and fukuroi city are helpful guides here. they rank as the top two of the four municipalities in the prefecture that had positive rates of population change over the latest census period of five years. what both have in common is that they have created diverse work opportunities through proactive efforts to invite firms, while offering substantial fiscal support, including for child - rearing and the development of educational environments. with relocating or returning to regional areas drawing attention after the outbreak of the pandemic, my hope is that these efforts to create attractive living environments will lead to further vitalization of the region. as for the importance of harnessing knowledge, some state that the