Progress of Globalization and Household Income Structures Subsequently, bold monetary easing policy and flexible fiscal policy -- part of a strategy that the Bank started implementing in 2013 -- served to arrest the deflationary trend.
Various other measures were also put in place to tap into growth in overseas economies, including ones to stimulate demand from inbound tourism, which is classified as service exports, and this caused such exports to assume a larger role in driving growth (Chart 12).