IBA INFORMATION FORUM LUNCHEON

THE MEDIUM-TERM OUTLOOK FOR GROWTH IN JAPAN

(This presentation was conducted in English.)

The IBA held a luncheon featuring a well-known and respected Chief Economist from one of our member firms.

Guest Speaker: Mr. Peter Morgan, Chief Economist, HSBC Securities (Japan) Ltd.

Mr. Morgan addressed the following in his presentation:

• A medium-term macro view of economic growth and its main drivers; and

• The potential sources of improvement in productivity that could help offset the negative impact on growth of population decline.

This event was open to all staff of IBA members.