Nevertheless, the economy is expected to continue expanding, supported by the increase in 2/8  BIS central bankers' speeches  exports on the back of the growth in overseas economies, and the median of the real GDP growth rate for fiscal 2019 is 0.7 percent. There are, of course, upside and downside risks to this baseline scenario of the outlook for Japan’s economic activity.
A third factor linking housing wealth and consumption is the effect of realized capital gains, accrued either by selling one's house or by borrowing through a home equity loan. As Chairman Greenspan has noted, accumulated home equity is not itself a liquid asset. In addition, its value is somewhat uncertain, although general trends in real estate prices can be easily observed.