. as schedule supply - side factors have featured prominently in the inflation run - up. there are nascent signs of an easing in supply frictions which, if sustained, can take some of the burden of restoring price stability away from demand, and incur a smaller trade - off between inflation and growth. a pick - up in productivity growth, and some rise in the labour force participation rate ( lfpr ) would also relieve cost pressures. however, productivity gains of the mid - nineties that allowed the federal reserve to hike by 300bps with minimal output loss were exceptional and are unlikely to be replicated. is schedule interest rate sensitive sectors need to respond sufficiently to the tightening of policy in order to moderate demand, without tipping the economy into a sharp or broader downturn. tighter financial conditions can restrain demand via transmission channels working through higher mortgage rates, more selective credit underwriting and wealth effects from lower equity prices. if these channels begin to restrain growth in 2022 at a time when corporate and household balance sheets are still strong, they contribute to achieving a soft landing. phillips curve combined with labour supply improvements, employment needs to moderate sufficiently to cool wage growth without eliciting a sharp rise in the unemployment rate. some relief could come from a rise in the lfpr. post - covid normalisations could see the return of some of the “ missing ” 1 - 1. 5 million workers that have exited the labour force because of the pandemic. the present strength in labour demand is reflected in an unusually high ratio of two vacancies for each unemployed person. some reduction in vacancies will not generate negative income effects in the same way that outright layoffs would. for a “ soft landing ”, the non - accelerating inflation rate of unemployment ( nairu ) would have to converge to its lower pre - covid level at a faster pace than actual unemployment rises. a return of the nairu to its value before 2020 would verify the absence of labour market scarring. soft landings a recent bank for international settlements ( bis ) study [ 1 ] usefully identified some stylised facts on hard versus soft landings in the global economy. this was based on a comparison of 70 policy tightening episodes in 19 advanced economies ( aes ) and six emerging market economies ( emes ). strong growth and high job vacancies, as well as front - loaded rate hikes can help prevent a hard landing. conversely, rapidly rising inflation, low term spreads and elevated

lim hng kiang : the tokyo stock exchange and singapore speech by mr lim hng kiang, deputy chairman of the monetary authority of singapore and minister for trade and industry, at the tokyo stock exchange singapore representative office 10th anniversary, singapore, 14 december 2006. * * * congratulatory remarks i am delighted to be here with you this evening to celebrate the 10th anniversary of tokyo stock exchange singapore representative office. firstly, i would like to thank the tokyo stock exchange for its commitment to singapore and the region over the past decade and i hope tokyo stock exchange will continue to scale greater heights in coming years. growth of asia and japan when tokyo stock exchange established its overseas office in singapore in 1996, singapore and the region were experiencing strong economic growth with asian economies developing at rates of about 5 to 10 % per year. today, we continue to witness the rise of asia on the back of the twin drivers of china and india. prospects for south - east asia have improved considerably and japan, after years of stagnation, is firmly back on the track of healthy sustained growth and is a major investor in south - east asia. as of 2005, japan's fdi into south - east asia totaled $ 38 billion, and it is the top investor in indonesia, and the third largest investor in vietnam. changes in the global exchange landscape the competitive landscape in the global exchange arena has also changed significantly. equity and derivatives exchanges are consolidating globally in the bid to establish greater market share and to expand product offerings. the new york stock exchange - euronext cross - atlantic merger to create the first multi - time - zone exchange, and the recently announced merger between the chicago board of trade and the chicago mercantile exchange could lead to more centralized liquidity pool for derivatives trading in the us and europe. asian exchanges can do more - tse can take greater leading role the consolidation trend has yet to reach asia and asian exchanges may face the risk of marginalisation. in order to remain relevant, the asian exchanges may need to explore ways to deepen collaboration and product differentiation in the face of strong competition. in asia, the tokyo stock exchange is the largest stock exchange by market capitalization. since its establishment in 1878, it has grown to be the 2nd largest bourse globally, with a market capitalization of its listed companies exceeding us $ 4 trillion, second only to the new york stock exchange. it also registers high average daily trading volume for domestic equities of about us $ 19