The results indicate that the official statistics on Chinese production have not been overly assessed upward. Japan’s exports to China may face stagnation due to the economic slowdown in China, and this eventually may lead to deceleration in Japan’s economy. In fact, Japan’s exports to China have already been decreasing. However, I do not think that they will see a significant further decrease.
Meanwhile, the possibility cannot be ruled out that, if such a decrease in exports becomes large, this will lead to a decline in production, and further to a deterioration in employment. Concluding remarks As I mentioned, QQE has been exerting its intended effects. Despite the negative impact of the April 2014 consumption tax hike, employment has continued to recover.