We avoided a depression, and the recovery began in the second half of 2009. This is still no time for complacency. What we need today is not “wars” of any kind, but a strong and renewed commitment to confident and resolute cooperation. Together we must say “no” to protectionism and “no” to beggar-thy-neighbour policies.
Consequently, Japan’s real GDP still has not recovered to the pre-pandemic level seen in 2019. In addition, it has remained relatively easy for Japanese firms to hoard labor, because the labor market is not as fluid as in the United States and employment adjustment 2/4  BIS central bankers' speeches  subsidies have been substantial (Chart 3).