6  there is a recession, the desire to work decreases, the number of people seeking employment declines, the number of unemployed people falls, and the unemployment rate does not increase to the extent that employment has decreased.6  Moreover, the deterioration in the employment situation during the period before QQE began may have caused the subsequent long-term stagnation.
As shown in Chart 3, the rise in the unemployment rate was particularly pronounced among the young. If new graduates cannot get a good job, they will not receive sufficient vocational training and their human capital will decline, which will eventually lead to lower GDP growth rates.7  Given this, it may be possible to correct past mistakes through accommodative monetary policy.