It is worth to highlight the broad-ranging scope of such efforts, as they comprise not only several key sectors of the economy, but also measures aimed at improving the institutional framework. Even though the full impact of these structural changes on potential GDP will take time to materialize, some effects are readily visible in a number of areas.
Small and medium-sized firms are firms with a capitalization of 10 million yen or more but less than 1 billion yen, while large firms are firms with a capitalization of 1 billion yen or more. 2. In the right-hand chart, the Tankan figures include software and R&D investments and exclude land purchasing expenses. R&D investment is not included before the March 2017 survey.