According to the Bank’s baseline scenario of the outlook for economic activity, in the second half of fiscal 2014, private consumption is likely to remain resilient with the employment and income situation continuing to improve steadily; business fixed investment is projected to increase steadily; and exports are expected to head for a moderate increase as overseas economies recover.
Therefore, a virtuous cycle among production, income, and spending is likely to be maintained in both the household and corporate sectors. The  BIS central bankers’ speeches  1  accommodative financial environment, which was strengthened further by the Bank’s recent decision on the expansion of monetary easing, will continue to support the economic recovery.