Chart 1 shows that, excluding the negative effects of the consumption tax hike in April 2014, investment, in terms of domestic shipments and imports of capital goods, has been expanding as a trend, although it has shown weakness very recently. On the other hand, production and consumption have been stagnant.
Even excluding such factors as the effects of the front-loaded increase in demand prior to the consumption tax hike and the subsequent decline, it is difficult to say that production and consumption have been recovering steadily. The effects of the consumption tax hike have been particularly large on consumption.