There is no doubt that during the periods of transition, management of firms faced great uncertainties about the future, and that it was extremely difficult to accurately predict which would be the growth industries in the coming years. However, during the era of high economic growth, the rapid expansion of the economy absorbed the negative impact arising from the structural adjustment of the industries.
It is also true that, historically, borrowing for housing purposes has been one of the more interest-sensitive sectors, and so it may have been more affected than other sectors by the previous low level of interest rates and it may respond more than other sectors to the recent increases. But that does not mean we singled it out.