Recently, however, they have also peaked out. Real exports have shown a moderate increase as the effects of the yen’s depreciation since summer 1995 have gradually become apparent after a time lag. Meanwhile, real imports have continued to rise, in part supported by structural elements, e.g., the increased supply capacity of Asian economies.
Structurally, the working age population is no longer increasing and productivity growth is weak. For a number of years even weaker than in many peer countries. Cyclically, we are still in the aftermath of a strong housing and construction bubble which led to overheating in 2006–07.