The above arguments make obvious the following fact: if foreign economic factors are not considered, the recovery of the Japanese economy depends largely on when corporate behavior becomes active. The recent improvements in corporate sector confidence are good signs for the economy, but other economic indicators and fixed investment plans show no significant signs of economic recovery.
Our judgment is that it is too early to say that the Japanese economy is on the way to a self-sustained recovery. Therefore, the downward pressure on prices will remain, although prices have been stable recently.