 Akinari Ori, well-known by a lot of us, of course, has been Vice Governor of Bank of Japan and is now the Special Advisor and Member of the Board of Directors of the Canon Institute for Global Studies. You have the floor, my dear friend. Thank you, thank you, Mr. President. It was three years ago I spoke at World Policy Conference in Marrakech. So let me begin by reminding you of what I said three years ago. Okay, number one, globalization of economy and finance was slowing down as wages were rapidly rising in China and U.S.-China tension being intensified. Number two, if the U.S. presidential election 2020 brought about liberal president, actually it did, he would formulate socialistic policies, he did, which would make American psyche more inflation-prone. Number three, negative interest rates in longer-term bond markets were a bubble. And when it burst, it would entail financial disruptions that I, that's what I said three years ago. Now I hope I have reminded you of my prescience three years ago. Today I would like to make a few points to follow this up. First, globalization, which has slowed down, but it has not reversed the course. China's exports to the U.S. stopped growing, that's true, but at the same time, exports of Korea, India and ASEAN countries are increasing. In other words, globalization in the periphery of China appears to be expanding. At the same time, U.S. exports to China has continued to increase, and so has U.S. direct investment in China. This is one point. And between 2020 and 2022, there were several sources of supply chain disruptions. You're familiar with pandemic-related lockdowns and Ukraine war-related energy and food crisis. These disruptions are still with us, of course, and far from behind us, but the degree of disruptions is easing, in my view. Unless globalization is reversed, inflation pressures from the supply side of the world economy will recede as supply chains are restored and alternative sources are developed. This is number one issue related to globalization and the supply side of the economy. Second, U.S. fiscal policy. Now that the U.S. has a split Congress, no big fiscal spending program or tax reform is likely to materialize within the next two years. So no big fiscal surprise is good news for monetary policy, which is now aimed at, you know, combating inflation. Monetary policy tightening has begun to have effects on U.S. housing investment, which will dampen rent and other shelter costs in a year. Personal consumption and business investment seem solid so far in the U.S., but they will slow down going forward. Whether all this ends with a soft landing or not, I am perhaps more optimistic than most of the people around the table. Why? Number one, large build-ups in savings in the U.S. Oh, that's the case in Japan too. Huge 10% of worth GDP savings accumulated in the housing sector, so is in the U.S. Number two, Chinese economy will get out of lockdown mode sooner or later. You know, herd immunity will present itself once again, sooner or later. Even, you know, Spanish flu sort of thing. It took only three years until the world attained herd immunity. Why not China now? So China's economy would recover sooner or later. At the time U.S. economy would, economic growth will slow down. Okay. Number three, I see no large build-up of financial dislocations in the U.S. like the one which led up to the global financial crisis. Of course, there are sources of problems, but those sources, let's see, more manageable in my view. Three years ago, actually I discussed a possible financial problem arising from the asset management industry. A near crisis actually happened in the U.K. when long-term interest rates shot up a few months ago. That's true. We may perhaps witness a similar episode if my optimistic scenario of U.S. economic soft landing fails to materialize. That's true. But otherwise, I hope the central banks and other regulatory and supervisory authorities will be able to manage the situation by addressing a problem causing institutions case by case. You know, it's a muddle-through approach. We are familiar with this, Jean-Claude, for a long time, at the time of your head of Paris crowd a long time ago, but about 20, 30 years ago Alan Greenspan referred to it rather than a muddle-through. He called it sophisticated, case-by-case approach. I remember very well. I think it will continue to be possible unless systemic disruption happens in the banking system of a major country, whether U.S. or Europe. It's comforting to know that the most of the banks in major countries are so well-capitalized that they are unlikely to feed into a systemic crisis of the financial system. Let me stop here. Thank you very much indeed. I understand you told us very lucidly three years ago what would happen, and you were quite pessimistic, obviously, and now you're reasonably optimistic and confident. So we take note of that, and we will see, of course, we will judge in three years' time whether you're right. Thank you very much indeed for this exposition.