In contrast, unlike last spring, when economic activity in a wide range of industries was constrained, that in industries other than face-to-face services has been maintained to a large degree.
Looking at the breakdown of private consumption, although services consumption declined further through January, it is still higher than the level seen around last summer, and goods consumption has been firm on the back of stay-at-home consumption. In addition, external demand has recovered and the world trade volume, which had declined significantly, has already returned to the pre-pandemic level.