Although firms’ actual fixed investment has been somewhat weaker than planned so far, possibly in view of high uncertainty over prospects regarding the slowdown in emerging economies, for example, it is expected to take place firmly sometime soon. With regard to private consumption, the employment and income situation is the key.
On this point, labor market conditions have continued to tighten, as I have mentioned, and a rise in wages has started to spread across industries and by size of firms. Looking ahead, reflecting historical high corporate profits and the tight labor market, wages are expected to gradually rise further, which will underpin resilience in private consumption.