Moreover, in forecasting the pace of recovery, I believe that it is worthwhile to be attentive to developments in innovation-related and labor-saving business fixed investment, in which Japanese firms have been actively engaged. Interviews with firms and other sources of information suggest that firms have solidly maintained their investment plans for innovationrelated projects, including those related to 5G communication technology.
Given that exports in this area are also likely to grow, innovation-related business fixed investment can be expected to be a driving force for future economic recovery.