Regarding the first risk, it is not assessed at present that price cuts that aim at stimulating demand have been observed widely, since one of the reasons for the current decrease in demand due to constrained economic activity is vigilance against COVID-19.
However, total hours worked continue to decrease and the positive effects of the government's provision of special cash payments on disposable income have gradually dissipated. If the employment and income situation of households becomes more severe, this could affect firms' pricesetting behavior. I will therefore closely monitor future developments.