Despite a significant increase in their cost of funds, the DFIs were forced to lend at very competitive rates, which resulted in a decline in their spread and profitability.
In fiscal 2014 – the second year after the implementation – wages also turned to an increase. Employee income – that is, nominal wages multiplied by the number of employees – has been rising moderately (Chart 5). Against the background of an improvement in the employment and income situation, private consumption as a whole has been resilient.