The excessive appreciation of the yen will generate negative effects on the export sector through a decline in international competitiveness in prices and a decline in the value of foreign currencies exchanged in the yen.
This figure is below the lower limit of the 2008 monetary program target due to a steeper-thananticipated decline in the demand for money. This came about because, when the range was established, the strength and magnitude of the adverse shocks that affected the demand for money throughout the year were unforeseeable.