Sluggish growth in exports There has been criticism that exports have not grown even after the introduction of QQE. On the other hand, those who have opposed monetary easing have argued that this policy would create a serious problem by causing exports to surge, which would reignite trade frictions.
However, the economy is improving and exports have not grown much, as shown in Chart 6, and I believe this is a rather desirable situation on balance. I will refer to the outlook for exports later. There is a strong perception that exports have been the main driving force of Japan’s economic recovery.