However, even taking these factors into account, the pace of recovery in Japan’s exports has been slower than in the past when considering the pace of recovery in overseas economies and the exchange rate of the yen. In this regard, I would like to mention three points.
Moreover, the exceptionally large amount of resources devoted to capital investment, without contributing to the productive capacity of these economies, suggested that these resources were largely wasted. In addition, such gaps in efficiency actually understated the gap in performance because they failed to take into account the impact of industrial activity on the environment.