There may also be scale or agglomeration effects from migration; there is some evidence that larger population centres tend to have higher productivity growth and higher GDP per capita than smaller ones. What drives MFP? Two factors are likely to be most important. Technological change is one of the most important drivers.
This detailed description is a manifestation of our strong determination regarding the future conduct of monetary policy. IV. Current state of the financial system  On the whole, the current state of the financial system in Japan remains severe. It should be noted, however, that at some financial institutions, especially major banks, efforts to improve financial conditions have gradually begun to bear fruit.