that basis, it is also critical to implement a wide range of initiatives to maintain financial system stability. in implementing the initiatives to enhance the stability of the financial system, we should not ignore initiatives to enhance its functioning so that the system can firmly support sustainable economic growth from the financial side. it appears that financial institutions ’ role to support firms ’ innovation and growth strategy from the financial side, is only bound to become larger in the future. financial institutions play a variety of roles in encouraging firms ’ growth, such as developing new financial products corresponding to social changes, providing efficient settlement services and risk - hedging measures, as well as supporting m & as and reorganizations of firms. it is extremely important for financial institutions to enhance such roles constantly. going forward, from a perspective of supporting japan ’ s economic growth from the financial side, i strongly hope that foreign financial institutions will continue to implement new initiatives while responding to changes in the surrounding environment. while taking account of changes including financial and economic globalization, the bank of japan will continue to make efforts to strengthen the functioning of japan ’ s financial markets by enhancing payment and settlement services, including the development of the new bank of japan financial network system, the so - called boj - net, and the extension of its operating hours, and by participating in initiatives to improve market practices, while closely cooperating with market participants. a macroprudential perspective for a central bank now, let me further talk on the issues of financial stability and a macroprudential perspective for a central bank while taking into account their relationship with monetary policy. monetary policy aims at ensuring price stability and does not aim at ensuring the stability of the financial system. however, there is a close relationship between monetary policy and the stability of the financial system. to begin with, monetary policy has a substantial impact not only on price stability but also on financial system stability through its effects on financial intermediation and various asset prices. for example, central banks in advanced economies bis central bankers ’ speeches have been pursuing ultra monetary easing through unconventional monetary policies to achieve price stability while responding to the economic downturn after the global financial crisis. in that situation, investment in high - risk assets such as high - yield bonds and emerging economies ’ bonds and stocks has been expanding considerably against a backdrop of declining volatility in interest rates, stock prices, and foreign exchange rates, as well as investors ’ search for yields. since the effects of monetary policy are transmitted to the real economy through the financial

proper functioning of the money market. with regard to stocks purchased from financial institutions through the stock purchasing program implemented between november 2002 and september 2004, the bank has been disposing of them in the market since october 2007. the book value of the remaining stocks held by the bank was approximately 1. 4 trillion yen as of the end of april 2008.