Furthermore, considering the fact that the Japanese financial system is being viewed more critically and that Yamaichi conducted a wide range of business in domestic and overseas markets and had a large number of customers, any difficulties in returning customers’ assets or in settling outstanding transactions in the process of closing down the company were quite likely to lead to withdrawal of customer assets from other securities companies or disrupt market transactions.
At the same time, administered prices will grow somewhat faster than last year, mainly as excise taxes on tobacco products continue to converge with European levels. Driven by the monetary policy easing, inflation in 2021–2022 will remain within the medium-term target of 5% ±1 pp.