This is not only a problem in relation to human suffering, but will also have a macroeconomic dimension in terms of reduced productivity and availability of productive human capital, skill shortages, and reduced saving and investment. It is estimated that annual real GDP growth may be reduced by more than 1 ½ percentage point; other estimates that are even more pessimistic.
Monetary policy under uncertainty  So far I have presented the majority view of the Policy Board on issues related to the termination of the zero interest rate policy. The Bank of Japan has recently stated that Japan’s economy is coming to a stage where the condition for lifting the zero interest rate policy is being met.