The PPMI, the industry-led self-governing body, will assist the Bangko Sentral in overseeing the payments industry while driving innovation and reforms in the payment space. The PPMI shall play a major role in carrying out NRPS principles.
Returning to the situation in Japan, however, if monetary policy had been well implemented, productivity might have grown, over a period of a decade or more, at 2 percent rather than 1 percent. Therefore, I would say one reason, first of all, is that in the short run capacity utilization rises. In times of recession, orders fall and factories will decrease output.