On the other hand, given, for example, the recent rise in producer prices and an increase in firms' inflation expectations shown in the December 2021 Tankan, consideration should also be given to the upside risk that, as private consumption will likely continue to recover, cost 6  increases will be passed on to selling prices, not only at the producer level but also at the downstream consumer level, at a faster-than-expected pace.
For all the talk of financial wizardry that allows the unbundling and transferring of risks and the lightening speeds of transmission that occupy so much attention, I would like to remind everyone that, by and large, the mistakes of the past few years were rather humdrum.