july 2016 weo projections. source : imf. chart 3 current profits s. a., tril. yen all industries manufacturing - 5 cy05 nonmanufacturing note : figures for current profits exclude " finance and insurance. " source : ministry of finance. chart 4 employment and income situation unemployment rate and job openings - to - applicants ratio s. a., % s. a., times unemployment rate ( left scale ) active job openings - to - applicants ratio ( right scale ) employee income 1. 5 y / y % chg. 1. 2 0. 9 - 2 - 4 number of employees 0. 6 total cash earnings - 6 employee income cy 05 13 14 15 16 0. 3 - 8 cy 05 notes : 1. q1 = march - may, q2 = june - august, q3 = september - november, q4 = december - february. figures for 2016 / q3 are september - october averages. notes : 2. figures for " employee income " are calculated as the " number of employees " ( labour force survey ) times " total cash earnings " ( monthly labour survey ). sources : ministry of internal affairs and communications ; ministry of health, labour and welfare. chart 5 private consumption s. a., cy 2010 = 100 consumption activity index ( adjusting travel balance, real ) consumption of households excluding imputed rent ( sna, real ) cy 07 note : figures for the consumption activity index exclude inbound tourism consumption and include outbound tourism consumption. sources : cabinet office ; bank of japan ; ministry of economy, trade and industry ; ministry of internal affairs and communications, etc. chart 6 consumer prices y / y % chg. cpi ( all items less fresh food and energy ) cpi ( all items less fresh food ) - 1 - 2 - 3 cy 07 note : figures for the cpi ( all items less fresh food and energy ) are calculated by the research and statistics department, bank of japan. figures for the cpi are adjusted to exclude the estimated effects of changes in the consumption tax rate. source : ministry of internal affairs and communications. chart 7 inflation expectations and wages japan united states y / y % chg. base pay increase medium - to long - term inflation expectations y / y % chg. cpi ( all items ) - 1 - 1 base pay increase - 2 - 2 medium - to long - term inflation expectations - 3 cy 95 15 16 - 3 cy 95 cpi ( all items ) notes : 1

masaaki shirakawa : great east japan earthquake – resilience of society and determination to rebuild remarks by mr masaaki shirakawa, governor of the bank of japan, at the council on foreign relations, new york, 14 april 2011. * i. * * introduction i am privileged to have the opportunity to speak before the council on foreign relations today. before beginning my speech, i would like to extend my heartfelt gratitude to the government and people of the united states for the support and encouragement concerning the tragic great east japan earthquake. the situation in the areas close to the earthquake epicenter, particularly coastal areas that were hit hard by the tsunami, is disastrous. the disaster claimed about 13 thousand lives and more than 15 thousand people are still missing. residents of areas near the fukushima daiichi nuclear power plant have been directed to evacuate, and are forced to spend restless days and nights in shelters. in this way, japan has faced a trying time since the earthquake struck. at the same time, however, japanese society has shown resilience. the work of rebuilding has started to get under way, gradually but steadily. in my remarks today, i will talk about the situation in japan in the month after the earthquake and the work being done to rebuild japan ’ s economy. ii. experience in the month after the earthquake a good place to start is what happened in the financial markets, the area i am familiar with. the earthquake struck at 2 : 46 p. m. on friday, march 11. at the time, i was being briefed by staff in preparation for the monetary policy meeting scheduled to be held at the beginning of the following week. even in tokyo, about 250 miles away from the earthquake epicenter, the shaking from the earthquake was the strongest that i had ever experienced and continued for more than two minutes. the earthquake ’ s magnitude at the epicenter was 9. 0, which makes it the largest on record in japan, and the energy released was enormous ( chart 1 ). based on previously formulated emergency procedure, the bank of japan immediately set up a disaster management team with me as head. this task was completed 14 minutes after the earthquake struck. the most important thing for a central bank during a crisis is to ensure the stability of settlement systems and financial markets. the bank of japan financial network system, or boj - net – japan ’ s core settlement system for funds and government securities – has been operating without any problems the entire time since the