I expect that this would generate stable income and stimulate private consumption, thereby forming a virtuous cycle from income to spending. Thank you.
11  Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Local Leaders in Nagano December 7, 2022 NAKAMURA Toyoaki Member of the Policy Board Bank of Japan  Chart 1  IMF Projections in the World Economic Outlook (October 2022) y/y % chg.  16 14 12 IMF projections  10 8 6 4 2 0 -2 -4  Japan  United States  -6  China  World output  Euro area  -8 CY 80 Source: IMF.