Chart 7  "Adaptive" Mechanism of Inflation Expectation Formation Contribution of Observed Inflation to Inflation Expectations (1) 1-Year-Ahead Inflation Expectations  (2) 6-10 Years Ahead Inflation Expectations 1.0  1.0  More adaptive  More adaptive 0.8  0.8  0.6  0.6  0.4  0.4  0.2  0.2  0.0  0.0 Japan  U.S.  Euro area  U.K.  Japan  U.S.  Euro area  U.K.  Notes: 1.
Since then, however, the debt-service ratio has been stable and the financial obligations ratio has receded a bit, an indication that households, in the aggregate, have been keeping an eye on their financial commitments.