hiroshi nakaso : developing a global code of conduct for the foreign exchange market opening remarks by mr hiroshi nakaso, deputy governor of the bank of japan, at the bis fxwg - mpg meeting, tokyo, 26 february 2016. * i. * * introduction it is a great pleasure to welcome the bis fxwg ( foreign exchange working group ) and mpg ( market participants group ) joint meeting on developing a single global code of conduct for the foreign exchange market. 1 in march last year, the eight foreign exchange committees in the major financial centers gathered here in tokyo and adopted the “ global preamble, ” 2 sharing their commitment to developing and promoting clear, robust, and implementable best - practice guidance in the foreign exchange market. building on the global preamble, in may last year, the bis governors agreed to set up a working group to facilitate the establishment of a single global code of conduct for the foreign exchange market. since its inception, 16 central banks and more than 30 private - sector professionals from around the world have been participating actively in this project. without a doubt, this project is a cornerstone for the ongoing global initiatives to address the misconduct issues in the broad financial market. thanks to the hard work of each member and the excellent leadership of the chair, guy debelle, significant progress has been made with the first public update, which is envisaged in may 2016. as a member of the fxwg, the bank of japan is honored to host this joint meeting with the mpg today. in my remarks, first i would like to share my views on why we need the global code and how it matters to the central banks, and then express my support on key concepts of the code that have been shared among our colleagues here. ii. why we need the global code let me begin with my thoughts on how the global code can contribute to the sound functioning of the foreign exchange market. it has been broadly agreed that the single global code of conduct for the foreign exchange market aims to promote a robust, fair, liquid, open, and transparent market. achieving this goal is crucial to the sound functioning and development of the foreign exchange market. why is a well - functioning foreign exchange market highly important from a central bank ’ s perspective? we closely monitor the financial market developments when conducting our policy in pursuit of price and financial stability. financial markets carry crucial information regarding market participants ’ views on economic and financial conditions, and also play a vital role for transmission of

chang yong rhee : review on inflation targeting operations keynote speech by mr chang yong rhee, governor of the bank of korea, at the press conference after " review on inflation targeting operations ", seoul, 20 december 2022. * * * biannually, bank of korea releases its review on inflation targeting operations, and via a press conference, provides explanations in detail to the general public to help enhance their understanding of the current inflation situation. looking back on the year, with global consumer price inflation well above inflation targets and the subsequent response of sharp policy rate hikes by the bank, we are well aware of the unignorable costs that the general public has been bearing throughout. however, we hope that it is understood that these policy responses were inevitable in order to avoid much higher costs that would have likely been incurred to our economy down the road. recently, there have been some signs that the upward trend in inflation may be easing to some extent. nevertheless, uncertainties still remain high. today, we would like to explain in detail our assessment of recent inflation developments. first of all, consumer price inflation from january to november this year increased by 5. 1 % year - on - year, the highest annual rate of increase since 1998. looking at developments throughout the year, inflation surged from 3 % at the start of the year to 6. 3 % by mid - july, but then eased somewhat, declining to 5. 0 % last month. the recent slowdown in consumer price inflation is mainly due to significant falls in international oil prices and agricultural prices, which skyrocketed earlier this year due to russia's invasion of ukraine and last summer's torrential rainfall, ( respectively ). more specifically, oil prices had soared close to 40 % year - on - year in june this year, but rose by only 5. 6 % last month, while agricultural prices turned to a year - on - year drop of 2 % last month from more than a 10 % rise last summer. on the other hand, core inflation for items other than food and energy has steadily risen until recently, from the mid - 2 % level at the beginning of the year to the mid - 4 % level last month. this reflects the accumulated cost hike pressures in goods and services, which are a result of increases in wages and raw material prices and heightened demand - side pressure following the lift of social distancing measures. in particular, dining - out prices have sharply increased, hitting a 30 -