that utilizing data will increase opportunities for serendipity, that is, lucky encounters with unexpected discoveries or events, and will lead to creations that open up new frontiers. i believe that big data has huge potential to lead to new creations and value - added seeds which are free from prejudice, going beyond the psychological “ wall ” formed by conventional business customs. i think that such cases are already being seen. in order to maximize the opportunities for such serendipity, positive dialogues among a wide range of stakeholders are critical and indispensable. i would be very happy if this forum could become the place where such new creations and discoveries are made. 4 / 5 bis central bankers'speeches i would like to close my remarks now by wishing that today ’ s fintech forum be fruitful for all the participants. thank you for your attention. 5 / 5 bis central bankers'speeches

toshihiko fukui : the outlook for japan's economy and the conduct of monetary policy summary of a speech by mr toshihiko fukui, governor of the bank of japan, to the naigai josei chousa kai ( research institute of japan ), tokyo, 15 may 2006. * * * introduction japan's economy has been recovering for more than four years since the trough in january 2002. the bank of japan projected in its outlook for economic activity and prices ( hereafter the outlook report ) released on april 28, 2006 that from fiscal 2006 through fiscal 2007 the economy was likely to experience a sustained period of expansion, with domestic and external demand and also the corporate and household sectors well in balance. today, i will focus on the bank's view concerning future developments in economic activity and prices given the projection in the outlook report, and i will explain its future monetary policy conduct. i. developments in the world economy i will first touch on developments in the world economy, which underlie developments in japan's economy. the world economy has been expanding steadily since 2003, recording a growth rate of around 5 percent in 2005, and is projected to maintain high growth into the future. at the g - 7 meeting held in washington, d. c., in april 2006, finance ministers and central bank governors agreed that the outlook for the world economy remained favorable, although risks remained from factors such as oil market developments and global imbalances. they also agreed that inflation remained contained despite high oil prices and that global trade growth was buoyant. economic developments among japan's main trading partners indicate that the u. s. economy continues to expand steadily, at a pace around its potential growth rate, led mainly by business fixed investment and household spending, although there are signs of a slowdown in some parts of the economy, specifically in the housing market. the chinese economy continues to expand strongly as a whole despite some imbalance in the pace of growth between industries and regions. the nies and asean economies continue to expand at a moderate pace on the whole, although the negative effects of high energy prices can be seen in some areas of economic activity. ii. current situation and outlook for japan's economy turning to japan, the economy continues to recover steadily. one of the characteristics of the current economic situation is that domestic and external demand and also the corporate and household sectors are well in balance. exports continue to increase against the backdrop of global economic expansion and