Taking a closer look at developments in demand, exports showed relatively high growth in the first half of 2013 but have somewhat lacked momentum since the second half amid somewhat sluggish movements in some emerging and commodity-exporting economies.
As for domestic demand, private consumption has remained resilient as a trend, with improvement in the employment and income situation, and a front-loaded increase in demand prior to the consumption tax hike has been observed mainly in durable consumer goods, as suggested particularly by the recent noticeable rise in new car sales. Housing investment has been increasing.