While several factors remain uncertain, the Bank of Japan judges that the economic recovery has gradually been firming since autumn 1996, on the basis of the developments in the economic growth rate and its determining factors, and the strengthening of the virtuous circle. B.
The assurance of advanced economies to keep interest rates “exceptionally low” for “an extended period” has also possibly triggered financialization of commodities leading to a paradoxical situation of hardening of commodity prices even as advanced economies continue to face demand recession.