In this session, Professor Noriyuki Yanagawa gave a presentation which illustrated that Japanese prices do not respond sensitively to changes. This minimises the signalling effect of Japanese prices, preventing structural change to the market and the economy. He also raised that increasing the potential growth rate is the most important issue facing the Japanese economy. He suggested that this could be achieved in part by increasing labour force productivity by utilising market mechanisms to increase labour mobility and nurture Japan’s emerging start-up industry. This was followed by a panel discussion with Professor Yanagawa and Professor Shirakawa. They argued that increased immigration is essential to boosting Japan’s economy. Additionally, increasing worker productivity is also necessary to combat the challenges Japan’s economy faces.