At any rate, raising Japan’s growth potential continuously into the future requires work, especially strenuous work, on both the number of workers and the labor productivity growth rate. While efforts by a wide range of entities are necessary in such case, the main actors here, above all, are private firms.
Although we had generally observed a lower level of pass-through when compared to previous episodes of currency depreciation, the extent and duration of the depreciating trend meant that the risk profile was worsening.