On April 1, 2011, I succeeded Mr. Kozo Oikawa as Chairman of the Research Institute of Economy, Trade and Industry (RIETI).

RIETI was established in 2001 as Japan's first policy research institute with an incorporated administrative agency (IAA) status. Given its mission to conduct effective and efficient public policy research, RIETI has undertaken theoretical and empirical research, and has offered evidence-based policy recommendations, working in synergy with policy authorities. Through these efforts, RIETI has established an excellent reputation both in Japan and abroad.

Today, the Japanese economy faces a vast number of challenges. Japan's population is aging quickly due to an extremely low fertility rate, Japanese companies face fierce global competition, and Japan must incorporate the robust growth of other Asian economies in order to restore its economic dynamism. In the face of these challenges, it is essential that Japan continue its structural reform efforts in order to achieve sustainable and stable growth and further improve the quality of life for its people.

RIETI will continue to leverage its maximum capabilities built over the years in order to achieve high-quality research capable of providing insights and contributions to the formulation of economic, trade and industrial policies. With its second five-year medium-term plan period completed in March 2011, the fiscal year starting in April 2011 marks the beginning of a new medium-term plan. Over the next five-year period, we shall conduct research from the viewpoints of incorporating growth of the world economy, developing new growth areas, and responding to changes in society and creating new economic and social systems for sustainable growth. In addition to working closely with the Ministry of Economy, Trade and Industry and other relevant government institutions, we shall also deepen our collaboration with members of the business community and academia to pursue further in-depth research. We are determined to make every effort to ensure that findings from those research studies will be fully utilized for the benefit of Japan and the Japanese people.

Your encouragement and continuous support of RIETI is greatly appreciated.