An assessment of the gap by industry indicates that export-oriented industries, which was exposed to international competition, tend to have higher productivity than their peers in other countries, while domestic-oriented industries (both in manufacturing and in other industries) have lower levels of productivity than the same industries in other advanced economies.
The commitment on the duration of the zero interest rate policy suggests that the shadow interest rate will be negative, as long as deflation is expected to persist into the future; the longer the duration of the zero nominal interest rate, the larger the size of negative interest rate.