You may now ask: does it make sense in current times to focus on the integration of payment markets and infrastructures? Does it make sense to invest in the integration and modernisation of retail payments business? Our answer is: Yes, it does. Let me first briefly discuss how integrated payment instruments, systems and infrastructures have strengthened the backbone of modern economies.
Looking at the business fixed investment plan in the Bank's June Tankan (ShortTerm Economic Survey of Enterprises in Japan), as shown in Chart 9, the investment plans of manufacturing firms remain positive on a year-on-year basis. However, a comparison with recent revision patterns reveals that the momentum of fixed investment is weak.