However, given the time lag between the decision to relocate production and the actual subsequent shift of production, it seems likely that the correction of the overvaluation of the yen will restrain the pace of the relocation of production overseas going forward.
Bearing these three points in mind, with global financial markets remaining stable and the recovery of overseas economies, including business fixed investment, gaining strength, it seems likely that the factors hampering Japan’s exports will gradually disappear. Therefore, real exports are expected to increase moderately. Of course, since exports as a whole have yet to pick up, continued attention without undue optimism is warranted.