If the current fall in these prices, which implies an improvement in Japan's terms of trade, mainly reflects the slowing of the world economy, it should be borne in mind that this also implies a decrease in Japan's exports. On the other hand, if commodity prices should surge again, inflationary pressures may increase globally, which could raise the specter of a subsequent economic slowdown.
In the latter case, it is possible that the factors behind the recent sluggishness in Japan will become more acute.