Figures include software and R&D investments and exclude land purchasing expenses (R&D investment is not included before the March 2017 survey). 3. For details relevant to the right-hand chart, see Box 3 in the January 2021 Outlook Report. Sources: Cabinet Office; Ministry of Land, Infrastructure, Transport and Tourism; Bank of Japan; Bloomberg; Ministry of Finance, etc. 3  Chart 4  I.
There will still be some deflationary forces at play, such as rapid digital transformation, other innovation and elevated debt levels, but there is a question as to whether these could overcome the inflationary forces. Let me now turn to monetary policy.