As for the outlook, upward pressure on prices is likely to arise from the gradual improvement in domestic supply-demand balance and from the rise in crude oil prices. On the other hand, downward 1  2  This report was written based on data and information available when the Bank of Japan Monetary Policy Meeting was held on 12 June 2000.
However, the argument should really be that debt capital is cheaper as it currently enjoys tax privileges, which makes equity financing comparatively unattractive. And there is, I may add, a considerable difference between whether the worst case is having to wait for a taxi or facing stability risks in the financial system.