Even since the start of this year, solid domestic demand has supported a continued moderate expansion, despite the economy being affected somewhat by the slowdown in the global economy caused by the intensified U.S.-China trade conflict. Increased robustness to changes in external demand has helped sustain Japan's moderate economic growth, even in the face of a continuing slowdown in the global economy.
As favorable economic conditions have been maintained, structural changes in the economy have brought about this increased robustness. In other words, being committed to continuing with  12  large-scale monetary easing policy has led to improvements in economic activity, thereby indirectly supporting the structural changes in the economy.