When I say we have to work on such expectations and change them I mean we have to restore a situation in which economic agents can hold such a normal expectation that the economy will grow in the future. However, the expectations of private economic agents are far from being in a normal state.
Making a rough back-ofthe-envelope calculation, if the expenditure of firms and households increased an additional 2%, then nominal GDP growth would be 2% higher. According to a household survey, the monthly consumption expenditures of the average Japanese household in fiscal 2000 was 317,000 yen, so a 2% increase would be about 6,000 yen.