That said, unlike last spring, when economic activity in a wide range of sectors was constrained, that in sectors other than face-to-face services has been maintained to a large degree in the current phase, mainly supported by a recovery in world trade and stay-at-home consumption. Although economic developments are still susceptible to the impact of COVID-19, a pick-up trend has been maintained.
Japan's economy, with the impact of COVID-19 waning gradually, is likely to follow an improving trend, albeit moderately, supported by a recovery in external demand, accommodative financial conditions, and the government's economic measures.