note that some of the discussions will cover the takaful perspective. this will include discussions on the impact of shariah requirements, as well as sessions on financial management and business continuity management for takaful business. in closing, let us remind ourselves again that risk management is a corporate culture and everyone plays a role in the process. your roles are critical in ensuring that the key risks, both present and foreseeable, are identified and effectively mitigated. with concerted efforts from all parties, an effective risk management process will enable companies to minimise financial losses, and optimize business practices, in order to respond to the changing business environment. i am very confident that this conference will be a great platform to catalyze open discussions among market players on the key issues relating to risk management. it will also provide good opportunities for business networking. on this note, it is my pleasure to declare open the international risks and risk management conference for insurance sector 2010.

haruhiko kuroda : the virtues of international cooperation among central banks remarks by mr haruhiko kuroda, governor of the bank of japan, at a reception to celebrate the 30th anniversary of the bundesbank ’ s representative office, tokyo, 22 may 2017. * * * good evening, ladies and gentlemen. it is a great honor to be invited to this reception celebrating the 30th anniversary of the deutsche bundesbank in tokyo. i would like to extend my sincere congratulations to dr. dombret, executive board member of the bundesbank, ms. moede, representative of the tokyo office, and other staff members of the bundesbank. throughout these 30 years, the bundesbank has positioned its tokyo office as the hub for its activities in asia, and has shown its strong commitment to japan. i would like to highlight in particular, the expansion of the functions of the tokyo office with the establishment of a trading office in 2012, just one year after the tragic great east japan earthquake. looking around at all the faces gathered here to celebrate this anniversary event, i must commend the bundesbank tokyo office on their great success in establishing a deep and extensive network in the local community. over the past 30 years, there have been significant advancements in the global economy. the growth rate of trade volume, which until the 1980s followed a similar rate to real gdp, significantly outpaced real gdp from the 1990s to the mid - 2000s. one of the contributing factors was the expansion of global value chains from the late 1980s with the end of the cold war, when large amounts of direct investment began to flow into countries of the eastern bloc, such as china, the member states of the former soviet union, and eastern europe, as they entered into the global economy. both germany and japan played pivotal roles in this new wave of globalization. the advancement of globalization over the years has brought about stronger relationships among countries and regions, both economically and financially. on the other side of the picture, as evident in the case of the asian currency crisis 20 years ago or the global financial crisis that erupted 10 years ago, negative shocks are more likely to transcend national borders. in this situation, international cooperation among central banks has become ever more important. in terms of the relationship between germany and japan, the bank of japan established a representative office in frankfurt in 1956. making the most of the representative offices in each other ’ s countries, the deutsche bundesbank and the