it could be motivational or spiritual. be there for them in good and in difficult times. you must be their biggest cheerleader. and you must show them they can achieve what may seem impossible, and encourage them to persevere and stay the course. parents, you have a tremendous role to play if your children are to be the best they can be. they are counting on you. the byac is counting on you. i am counting on you. and finally, to you students, this nti / byac programme is like the mustard seed. it's small but could mushroom into something huge by unearthing or creating the many vocational and technical skills this country needs to build new industries or expand existing ones to propel barbados'economic growth and development. so, students, this programme is not only contributing to your personal development but is also supporting national development seize the opportunity and in doing so i urge you to set your goals, have a vision, work hard, give back, and lean into the challenges ; see them as opportunities. i believe in every single one of you. i know you have what it takes to achieve great things. so, embrace these principles, visualise your success, and most importantly, believe in yourself. the future is yours - go out and make it amazing and be the best you! as you hear the nti say, just press forward. 5 / 5 bis - central bankers'speeches

deflationary expectations. a rise in the expected inflation rate will not only influence actual prices but also stimulate private demand through a decline in real interest rates. developments in economic activity and prices looking at recent developments in economic activity and prices, it seems that the conditions are being prepared to demonstrate the effects of the quantitative and qualitative monetary easing through the three transmission channels that i just mentioned. indeed, japan ’ s economy has shown some bright signs of picking up. going forward, we expect the economy to return to a moderate recovery path against the background of firm domestic demand and a pick - up in growth rates of overseas economies. in recent months, conditions in financial markets have significantly turned favorable due to the abatement of global investors ’ risk aversion and expectations for domestic policies. the year - on - year rate of change in the cpi has recently been at around 0 percent or slightly negative, but looking to the future, it is expected to turn positive and start picking up, mainly reflecting the improvement in the aggregate demand and supply balance. looking at breakeven inflation rates – using the information content in inflation - indexed bonds – and the results of economists ’ and households ’ surveys, we have increasing evidence that inflation expectations are starting to rise. behind this are expectations for policies including monetary policy. this indicates that policies can move expectations. the bank expects that the quantitative and qualitative monetary easing will support, in a timely manner, the positive movements that have started to appear in economic activity and financial markets, contribute to a further pick - up in inflation expectations that appear to have risen, and lead japan ’ s economy to overcome deflation that has lasted for nearly 15 years. iv. some points of discussion in the monetary policy conduct after the announcement of this time ’ s decision, some wonder if the bank can carry out the quantitative and qualitative monetary easing while others say that it has gone too far. in addition, we often receive questions about the relationship between monetary policy and other policies conducted by the government. in the final part of my remarks, i wish to answer some of these questions. execution of the quantitative and qualitative monetary easing the newly planned purchase of jgbs at an annual pace of 50 trillion yen is massive and goes beyond the conventional knowledge of market participants. in addition, the achievement of the monetary base of 270 trillion yen at end - 2014 requires that financial institutions ’ current account balances held at the bank reach 175 trillion yen. again, this is