This is because the determinants of the natural rate of interest – for example changes in preferences, advances in production technology and variations in government spending – all have an effect on output fluctuations and inflation.
That said, as I will describe later, the global economy has seen an acceleration in its pace of recovery, mainly led by the United States and China. In addition, under the targeted public health measures, Japan's economic activity in sectors other than face-to-face services has been maintained to a large degree, and it seems that the economy has continued to pick up.