In particular, there are varying views on how the impaired assets of financial institutions and excess debts of households will be cleared. In Japan, it took extremely long to resolve the impaired assets problem for financial institutions after the burst of the bubble. Whether such history will repeat warrants attention.
The other factor is whether firms can come up with a vision for the future. In the outlook I have mentioned earlier, firms are expected to decide on business fixed investment and new employment as the economy gradually improves. However, at present, it is even more difficult to foresee the future, due partly to the financial crisis.