After all, we should not forget that financial markets are a network industry. We need to make sure that useful innovations, i.e. innovations that are proven to improve safety and efficiency, do not lose momentum because market participants fail to coordinate their efforts.
Contributing factors also include the decrease in hotel charges that reflects discounts offered under the "Go To Travel" campaign and the dissipation of the upward pressure on prices generated by the consumption tax hike in 2019. From a macroeconomic perspective, the output gap, which indicates the supply-demand balance, declined substantially in the AprilJune quarter of 2020.