As a consequence, the economic activities of firms and households have been activated, leading to a steady improvement in the output gap. According to the government, the current recovery phase, which started in December 2012, is highly likely to have lasted for 58 consecutive months by September this year.
The duration of the current recovery has thus surpassed that of the Izanagi Boom in the second half of the 1960s. In light of this situation, coupled with the fact that the period of the current recovery mostly overlaps the period of QQE, it appears that this policy has contributed to the long-lasting recovery, which is the second longest in the post-war era.