The UK move was reversed in the post-crisis period with the establishment of the Prudential Regulation Authority within the Bank of England. The global financial crisis brought the need for a broader financial stability focus starkly to the fore.
With regard to the outlook, Japan's economy is likely to recover, with the impact of COVID-19 and supply-side constraints waning, although it is expected to be under downward pressure stemming from high commodity prices and slowdowns in overseas economies. Although private consumption is expected to be under downward pressure from the real income side due to price rises, it is projected to continue increasing.