Thus, led by the recovery in exports, Japan’s economy is likely to return to a recovery path with clear signs of a self-sustaining recovery trend.1 That being said, however, private consumption is likely to remain subdued given that the employment and income situation – although easing somewhat – remains severe.
BIS central bankers’ speeches  1  debt of most advanced economies can be expected to rise above the 90 per cent threshold historically associated with slower economic growth.2 The cases of Europe and the United States are instructive. Today, American aggregate non-financial debt is at levels similar to those last seen in the midst of the Great Depression.