The first panel hosted by Professor Fujiwara centered on the state of the Japanese economy and had as its keynote speaker Mr Masaki Kaizuka, a thirty-five-year-old veteran of the Ministry of Finance and current executive director of the Bank of Japan. In his presentation Kaizuka outlined the promising signs of Japanese economic recovery, highlighting the surprising resilience of the economy even in the face of external shocks. His presentation ended with a caution of the risks facing Japan – from inflationary pressures to the volatile economic situation in the United States, European Union and China. Kaizuka was followed by ANU Professor Renee McKeeby who delivered an in-depth review of the reforms undertaken by the RBA in Australia in the context of Japan concluding a review of its central bank. The discussion centred on reflections of monetary policy and the challenges facing central bankers in Japan and globally.