Bundesbank Executive Board member Andreas Dombret has marked the appointment of the new head of the Bank's Representative Office in Japan with a formal reception in Tokyo in the presence of around 250 invited guests.

Gudrun Moede takes over from Klaus Merk, who had previously headed the Bundesbank's Representative Office in Japan. 

In his speech, Mr Dombret said that policymakers around the world needed to be aware that their decisions could have knock-on effects on other countries as well. "Therefore, it is important to act together at the global level and to frequently exchange views," he noted, stressing that the world today was criss-crossed by a close-knit network of trade relations and a globalised financial system. "Financial markets in particular have become integrated to such a degree that a small distortion at one end of the world can quickly spread and affect the entire system," he added. Mr Dombret also paid tribute to the achievements of the outgoing head of the Representative Office, Klaus Merk, who has been nominated for the post of German Alternative Executive Director at the IMF in Washington. 

The Governor of the Bank of Japan, Haruhiko Kuroda, echoed Mr Dombret's observation that the world economy today was very closely interlinked and also praised the "excellent cooperation" between the Bank of Japan and the Bundesbank's Representative Office. 

Also in attendance was Mr Kuroda's deputy, Hiroshi Nakaso, who on Thursday was awarded with the Order of Merit of the Federal Republic of Germany for his services to German-Japanese central bank relations.