Clearly, the fundamental question that has to be addressed by macroeconomists and central bankers is how durable the existing environment of low and stable inflation and low real interest 4/8  BIS central bankers' speeches  rates will be. Let me elaborate a bit on this.
The decline in household income is gradually coming to a halt, and private consumption is showing some positive movements. With a virtuous cycle in operation, the economy continues to recover gradually and domestic demand is becoming firmer. As for the outlook, Japan’s economy is expected to continue its recovery as momentum increases gradually.