Excluding such fluctuation of the front-loaded increase and the subsequent decline in demand prior to and after the consumption tax hike, the annualized growth rate of real GDP in the January-June period this year over the JulyDecember period last year is 1.0 percent.
From a systemic stability perspective, it would be equally, if not more, important to focus on the interconnectedness of the regulated and unregulated/lightly regulated entities. 6  BIS Review 75/2009