Consumer spending is likely to increase at a moderate pace going forward, supported by a gradual pickup in employment and income, greater consumer confidence, and some improvement in credit conditions.
Next, I will explain the idea behind the proposal. The Bank has been purchasing large amounts of JGBs under QQE, and the share of its JGB holdings already has reached about 40 percent of the total outstanding amount of JGBs issued. On the other hand, financial institutions in Japan need to hold JGBs for a variety of reasons.