According to the Bank of Japan’s Tankan -- Short-term Economic Survey of Enterprises of December, investment growth in the principal nonmanufacturing firms for fiscal 1997 is projected to be lower than that in fiscal 1996, while growth in the principal manufacturing firms is planned to be higher than that in the previous fiscal year.
1/4  BIS central bankers' speeches  The third dimension is optionality: Retaining the option to re-calibrate the APP if warranted is consistent with the forward guidance on the APP. Key channels of the APP There are two key channels through which the APP operates. The first is the extraction of duration risk, which propagates through portfolio rebalancing.