Now, a colleague of mine... found that a collapse of a stock market bubble hurts the economy a lot less over the medium run than a collapse of a real estate bubble.
That said, a virtuous cycle from corporate profits to business fixed investment continues to operate, supported by the recovery in overseas economies and the effects of various policy measures. Thus, I am of the view that the pick-up trend in Japan's economic activity as a whole is maintained. Let me elaborate on this by component.