our stakeholders. we also look forward to learning from you as you constructively critique the effectiveness of our communication and offer suggestions. key questions moving forward in this partnership are : what are the practical steps that will anchor the partnerships between us? how do we ensure a sustainably structured framework in which policy intentions of the central bank gain traction in the public domain? how do we reduce superfluous noise that occasionally cloud the greater and more fundamental achievements in the policy terrain? how do we move forward with the agenda emerging from the cross - fertilization of ideas that will emerge from the workshop? ladies and gentlemen ; the central bank proposes a structured capacity building programme targeting business writers who cover the financial sector. in collaboration with the kenya school of monetary studies ( ksms ), the central bank will be seeking the input of the financial media to develop an appropriate business editors ’ training curriculum that takes cognizance of the needs of the financial sector, in light our stage of development. in addition, the bank will be hosting a business journalists workshop once a year, which will be appropriately themed to reflect the issues of the time. furthermore, the central bank in partnership with other financial sector regulators proposes the formation of a business editors & financial regulators forum. the role of this forum shall be largely advisory and will be tasked with providing appropriate advice on public education campaigns on broad latitude of themes such as financial education & literacy campaigns, and other mutually agreed programmes within the core competencies of the media. i believe these proposals will be refined as we go along and what emerges from this workshop will further shed more light in this regard. once again i thank you for taking time off your busy schedules to participate in this workshop. may i also take this opportunity to appreciate my colleagues at the central bank for organizing this workshop successfully. and to the management and staff of enashipai resort and spa for the excellent hospitality extended to us. bis central bankers ’ speeches ladies and gentlemen ; with these remarks, it is now my humble pleasure to declare this workshop officially opened. thank you. bis central bankers ’ speeches

backed by an increase in exports reflecting the recovery in overseas economies and by a rise in rebuilding demand. in the longer run, however, attention should be paid to the downside risks to economic activity. in the short run, the restoration of supply chains is making steady progress and there is an increasing probability that the degree of constraints on economic activity due to electricity shortages this summer will be less significant than anticipated, although some concerns remain. on the other hand, uncertainty is also increasing somewhat regarding overseas economies, and therefore the current risks to the japanese economy are shifting from the supply side to the demand side. in addition, from a relatively long - term perspective, uncertainty about electric power supply is increasing somewhat, reflecting the issues regarding the resumption of operations at nuclear power plants following regular inspections. considering factors such as the appreciation of the yen, high corporate tax rates, and delays in the negotiation of free trade agreements ( ftas ) and economic partnership agreements ( epas ), manufacturers already regard japan as a somewhat unfavorable place to locate their production sites. it is my great concern that the shift of japanese firms ’ production sites to overseas might accelerate if anxiety about electric power supply lingers. c. price developments next, i will move on to price developments. international commodity prices had been increasing on the back of high growth in emerging economies. they have declined slightly of bis central bankers ’ speeches late due to the instability in global financial markets, but are still hovering at high levels. as a result, import prices in japan and the domestic corporate goods price index ( cgpi ), which measures fluctuations in prices of goods traded between firms in japan, have also been at high levels. meanwhile, the year - on - year rate of change in the consumer price index ( cpi ) for all items excluding fresh food, or the core cpi – which measures the prices of goods and services purchased by households – had been in negative territory for about two years since march 2009 but turned positive in april 2011 against the background of the increase in international commodity prices and the narrowing of the negative output gap. in sum, the japanese economy continues to be headed in the direction of overcoming deflation. as for the outlook, the year - on - year rate of change in the core cpi is expected to be slightly positive, reflecting the rise in international commodity prices and the narrowing of the negative output gap. however, this outlook is attended by a range of risks, examples of which include a substantial rise in international commodity