Regarding the unemployment rate, in October the rate stood at 4.6 percent. Compared with one year ago, that rate has fallen 2.3 percentage points. If the decline continues at about that pace in coming months, the unemployment rate could be below 4 percent before too long. In light of these data, in my view, the labor market is rapidly approaching maximum employment.
Concerning risks to the outlook, the course of COVID-19, including variants, and its impact on domestic and overseas economies continue to warrant attention. In addition, there are extremely high uncertainties over the situation surrounding Ukraine and the associated developments in commodity prices, global financial and capital markets, and overseas economies. Meanwhile, Japan's financial system has maintained stability on the whole.