Considering developments in the more distant future, I am particularly attentive to the following three factors. The first is pent-up demand for services consumption. In the United States, the amount outstanding of household cash and deposits increased by 3.1 trillion dollars relative to the trend as of end-March 2021 (Chart 5).
Economic activity in the country has been buoyed by the materialization of pent-up demand with the vaccination progress. Similarly in Japan, the amount outstanding reached a historical high of 1,056 trillion yen as of end-March 2021, increasing by 37 trillion yen relative to the trend.