Chart 6 shows the  5  BIS Review 63/2000  contribution of private demand and government expenditure to the year-on-year growth of real GDP, which indicates that the driving force behind the economy has steadily shifted from government expenditure to private demand, and the GDP growth rate has been gradually rising.
The Bank of Japan will terminate the zero interest rate policy only when it feels confident that an economic recovery led by private demand is in prospect, and I believe this is consistent with what the government is aiming at. Impairing the proper functioning of the market mechanism The sixth point relates to the functioning of the market mechanism.