In any case, Japan’s financial conditions are extremely accommodative. Nominal interest rates and even actual funding rates of firms, such as real interest rates on corporate bonds adjusted using inflation expectations, are lower in Japan compared to those in the United States and Europe (Chart 15).
New Zealand has a near record low unemployment rate of 3.3% and exceptionally high labour force participation rates. Households have accumulated financial savings, with average household incomes rising in line with inflation. Nominal wage rates have risen, with incomes further bolstered as people moved jobs to earn more, worked longer hours, or gained promotions.