the boj, contributed to the containment of crossborder spillovers during the initial stages of the global financial crisis. looking back at the history of central banks, most of those established before the second world war were brought into existence for the purpose of restoring order to a financial system in turmoil. macro - prudential perspectives are therefore nothing new to central banking. rather, macro - prudence might be part of the original reason why an economy needs a central bank. ultimately, it could be argued that all the activities of central banks, from issuing banknotes to operating payment and settlement systems, acting as the lenderof - last - resort and implementing monetary policy, cannot be pursued without a “ macroprudential perspective ”. thank you for your attention.

hirohide yamaguchi : recent financial and economic developments and challenge of revitalizing japan ’ s economy speech by mr hirohide yamaguchi, deputy governor of the bank of japan, at the jcif ( japan center for international finance ) international finance seminar, tokyo, 22 november 2011. * * * introduction thank you for having me at the jcif international finance seminar. today, i will talk about the financial and economic developments at home and abroad, followed by my thoughts, from a medium - to long - term perspective, against the background of a declining trend in the growth potential of japan ’ s economy and challenges toward the future. i. developments in the global economy current situation and future of the global economy let me start with the developments in the global economy. looking back, the global economy continued to mark a high growth rate in the recovery process from the lehman shock, led by emerging and commodity - exporting economies. the pace of growth has been slowing, mainly in advanced economies, since this spring. in the united states, which was the epicenter of the lehman shock, balance sheet adjustment, mainly in households, has been weighing on the economy, and the pace of recovery remains quite moderate. in europe, the economies were recovering moderately after the lehman shock, but their growth rates have recently been clearly decelerating as the sovereign debt problem, which started from peripheral countries including greece, have aggravated. the pace of growth in emerging and commodity - exporting economies, which have been achieving high growth, is somewhat slowing. that is because real purchasing power has declined due to a rise in energy and food prices, and monetary tightening, which was implemented to contain the overheating of the economies, have shown effects. in addition, there are the effects of the slowdown in advanced economies. while the slowdown in the pace of growth itself in emerging and commodity - exporting economies, which have been somewhat overheating, is desirable in achieving sustainable growth with price stability, inflationary pressure in those economies is yet to be contained. for the time being, the pace of growth in the global economy will remain decelerated, mainly in the advanced economies, amid lingering strains in international financial and capital markets. thereafter, the growth rate of the global economy will rise again led by emerging and commodity - exporting economies, which have high growth potential. such outlook is associated with great uncertainties. in particular, the consequences of the sovereign debt problem in europe remain unfor