I will closely monitor developments in the pace of vaccination progress in Japan, as it is an important factor when envisioning sustainable economic recovery. In relation to this, services consumption in the United States, which almost inevitably was suppressed from last year, has started to recover rapidly, mainly supported by an acceleration in vaccinations and large-scale economic measures (Chart 5).
But I have to say that this is necessary in the current situation. The risk is that, on the one hand, the system will not be sufficiently flexible to allow for appropriate adjustments, and, on the other hand, flexibility will be used to avoid implementing the required adjustments.