Graph 2  Labour Market Underutilisation* Monthly change since the beginning of labour market downturn ppt ppt Previous downturns 6  6  3  3  0  0 COVID-19 pandemic  -3  -6  -3  0 *  6  12  18  24 Months  30  36  42  -6 48  The underutilisation rate is the sum of the unemployment and underemployment rates; labour market downturn is defined as the trough in the underutilisation rate.
Looking forward, Japan’s economy is expected to continue recovering with the ongoing expansion of overseas economies and the easing of structural adjustment pressure in Japan, although attention should be paid to factors such as the effects of the significant rise in crude oil prices on both the domestic and overseas economies and developments in global IT-related demand.