Turning to other developments in the financial markets, the yen has depreciated somewhat against the U.S. dollar in the foreign exchange market, amid the heightening speculation over the policy rate hike in the United States. In this situation, stock prices have been relatively firm.
An even stronger impression is of an economy growing at quite a fast pace, certainly in comparison to growth in most other developed countries. Indeed, in 1993 GDP growth peaked at 7.1 per cent and, while growth slowed from that point on, the slow-down was quite mild by historical standards.