The economy is projected to be underpinned mainly by the continued increasing trend in exports, with the growth rates of overseas economies rising, and an expansion in public expenditure accompanying the hosting of the Olympic Games to be held in Tokyo in 2020. Japan's economy is therefore expected to continue on an expanding trend in fiscal 2020.
In order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively to raising the longer-term growth potential and reducing vulnerabilities. The implementation of structural reforms in euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost euro area productivity and growth potential.