The movement between the Nikkei stock average and business fixed investment shows that investment is likely to increase as a trend when stock prices are high (Slide 11). How should we assess the effect of the correction in the yen’s appreciation that has resulted from monetary easing?
The relationship between exchange rates and exports indicates that exports are likely to increase as a trend when the yen depreciates (Slide 12). Recent movements in exports ensure that exports are actually picking up during the process of adjusting the yen’s appreciation (Slide 13).