We have now seen 18 quarters of positive growth and the short-term economic indicators all point to a continued economic upswing with above-trend growth. The breadth of the expansion is notable. The dispersion of growth rates across both countries and sectors is at its lowest level for two decades, reflecting a convergence of growth rates around higher levels.
As these developments show, Japan's current economy is supported by multiple factors -- namely, external demand, domestic private demand, and domestic public demand -- in a well-balanced manner. For this reason, it is possible to assess the economy as having resilience to exogenous shocks.