Regarding public-sector investment, public works contracted showing developments in orders have decreased significantly since autumn 1996 compared to the high level recorded in the previous year which reflected the large economic stimulus package.
As for actual implementation of public works, with a time lag after orders, the seasonally adjusted level of shipments of related goods has been decreasing since autumn 1996 after having increased until the summer. Real exports have recently shown an increasing trend as the effects of the yen’s depreciation since summer 1995 have gradually permeated.