Also broad money (M3) continues to expand at a robust pace, with an annual rate of growth of 1/2  BIS central bankers' speeches  5.0% in May 2017, after 4.9% in April.
With regard to final demand, business fixed investment has been on a downward trend. Recovery in private consumption continues to be weak on the whole. Housing investment, which had been recovering, has recently peaked out. Meanwhile, public works have been rising, and net exports (exports minus imports) have started growing due to an increase in exports.