Therefore, unlike the time after the Lehman shock, we were able to make a reasonable projection at an early stage that production would recover once the supply-side constraints eased. In fact, production is recovering quickly as progress in the restoration of supply-chain disruptions has been made at a faster-than-expected pace. This recovery is led by the automobile industry, which experienced an especially sharp downturn.
At least for this summer, it seems the electric power shortages are not constraining economic activity as significantly as projected immediately after the earthquake, reflecting a strengthening of supply capacity by electric power companies and successful efforts to conserve energy and level out demand.