workforce. in the private sector, in addition to the efficient use of human resources, it is vital to enhance the training of managers and the efficiency of administrative operations. from a global viewpoint, expanding the network for securing such resources as raw materials is highly desirable. moreover, increasing the number of foreign workers in many fields could be an option. with regard to developing and providing products and services, japan needs to develop high - value - added products and services with good reputations and explore new sources of domestic demand through initiatives such as advancing financial technology. it also is important to expand the channels for capturing overseas demand in neighboring economies, mainly in asia, where high growth is expected. this includes attracting inbound demand. in light of the current situation, i believe that japan should secure demand necessary for its economic growth, both at home and abroad in a balanced manner. at a time of uncertainty regarding such factors as developments in overseas economies, it also is vital to enhance the autonomy of japan's economy while paying due attention to overseas risk factors. one good example is the situation for exports in 2016, when they remained resilient despite the appreciation of the yen. i see this as evidence that the autonomy of japan's economy has strengthened, reflecting the heightened non - price competitiveness in which the volume of exports is not directly affected by foreign exchange movements. going forward, continued efforts are needed to establish a system for developing and providing unique products and services that are not susceptible to economic developments at home and abroad, nor to foreign exchange movements, and to further accelerate innovation that promotes establishment of such a system. in closing, let me underline that these initiatives toward raising japan's potential growth rate require a comprehensive approach that includes structural reforms in addition to monetary and fiscal policies. structural reforms of japan's economy have been progressing to a certain extent, but further acceleration is required. i expect that growth strategies will bear fruit as smooth procurement of funds proceeds under accommodative financial conditions, and as these are invested in labor - saving machinery and equipment, research and development, and mergers and acquisitions at home and abroad. thank you for your attention.

##marks used in the eu. in switzerland, too, a need for regulatory action is likely to emerge in this area. at the national level, the snb and finma are talking to financial market participants about ensuring a more robust construction of the interest rate benchmarks which are fixed in switzerland. the aim is to widen the data pool and improve the calculation methods, and the focus is on reference interest rates for very short - term swiss franc transactions, specifically one - day terms. these transactions form the basis for the swiss franc yield curve. the two benchmarks involved are, first, the tois fixing, which is used for interest rate derivatives in the swiss franc money market, and second, saron, which serves as the basis for the yield curve on the swiss franc repo market. progress has already been achieved on both interest rate benchmarks. although the level of activity on the money market remains persistently low, they continue to be available to the market as a basis for interest rate transactions in swiss francs. however, the libor retains its position as the most important interest rate benchmark in the money and capital markets. bis central bankers ’ speeches