 Thank you very much for inviting me to this very excellent conference. And it's a very big honor for me to be with these excellent speakers and professors. And today I'd like to talk about two parts of my presentation. In the first part I will review the current economic developments in major countries for our discussion. And in the second part I will talk about some cross cutting downside risk factors for the global economy. So as you know and as IMF forecasted the global economy is obviously recovering these days. But I think the world economy is yet to make a complete recovery from the 2008 global economic crisis. It is still suffering from a long period of weak economic activity. But from the beginning of this year the world economy started to show some different landscapes. Let's see the US economy. The US economy I think entered a cyclically very new phase. You know the US Fed is expected to raise its policy rate once again within this year. And it has already announced the balance sheet normalization program. It started from October this year. So we present the US economy to grow at 2.1% in 2018. It is a little bit higher level than this year's growth rate. The driving force of the US economy is I think the strong pickup in private consumption and investment based on the improving labor market and the weak dollar. And thanks to the weak dollar the US export to the other countries has recovered these days. However I think there are two main downside risks for the United States. The first one is the policy uncertainty under the Trump administration. For example yesterday the Trump administration announced the new tax cut program. If the tax cut program actually be implemented then that action will have some big impact on the long-term interest rate and US dollar exchange rates. So there are still a lot of uncertainty surrounding the Trump administration's economic policy. This is the first downside risk factor. And the second one is as you know the normalization of the monetary policy. Yesterday President Trump nominated Jerome Powell for the next Fed chair. And maybe he will still maintain the monetary policy stance in the coming years. But there remains still a lot of uncertainty surrounding the monetary policy in the United States. And the second is the Eurozone. The Eurozone is also picking up this year and the inflation rate of Eurozone has moved to around one and a half percent which is a very closer to the two percent target. But the unemployment rate is still very high. It remains at 9.1 percent in recent months. Record low still for the last eight years though. The increase in growth in 2017 reflects an acceleration in exports and continued the strength in domestic demand. But there are still downside risks. We are very concerned by the two major downside risks. The first is you know the Brexit negotiation. And the second is the weak growth in real wage. The real wage growth is very very weak in the European economies. And that is I think the main barrier to the active recovery of the United and the European economies. For Japan we see a very similar economic recovery process. But Japan's economy has the same problem. Very weak growth in real wage. This is very big problem. And I think this is the main reason why we cannot anticipate the longer term economic recovery in Japan. And for China we expect still very high level of economy growth next year. 6.7 percent a little bit lower than this year's expected growth rate 6.8 percent. But I think the Chinese economies the biggest problem is it is kind of that few old economy. That few old economy. So I think the issue should be addressed if the sustainable economic growth is to be maintained for a longer term in the future. And we expect for the economic recovery in some large emerging economies especially in Russia and Brazil. You know these economies have suffered from recession for the last three years due to the drastic fall in oil gas and other commodity prices. These economies are however showing an upturn recently and this trend is expected to continue in the next year. But the problem in these economies is that they are too dependent on oil gas and other commodities. So they need to diversify their economy much stronger. I will briefly mention the cross cutting potential negative factors for the global economy. First risk factor is which is already mentioned inward looking protectionism in the advanced economies. This is very big problem for many countries. For example the South Korea is facing very big problem with the U.S. Because the U.S. government asks the renegotiation of the Korea U.S. FTA big issue in South Korea. So I think we have to be careful of the proliferation of the inward looking protectionism in advanced economies. And the second risk factor is as I mentioned the very weak real wage growth rate in advanced economies. Especially in the European countries and in Japan. That's a big problem for those two big economies. And lower inflation rate is also a very big problem. Lower inflation rate tends to lead to weaker consumer confidence, weaker business confidence. So the world economy has not succeeded yet in completely ending the deflation mindset. Which is very very prevalent in many advanced economies. And finally I'd like to mention the changes in international financial conditions. The U.S. Fed has already begun to raise its policy rate. And there is a mood of tapering in the European central banks. There are many emerging economies propelled by capital inflow from the advanced economies. That few old emerging economies I think should normalize their balance sheet. Before accommodative financial conditions are ended. This is a very big policy task for the emerging economies. Thank you very much.