As for the outlook, business fixed investment is expected to increase mainly in machinery investment driven by the rise in overseas demand, software investment for digitalization, research and development (R&D) investment for growth areas, and investment to address environmental issues. Lastly, let me turn to exports. Chart 9 presents real exports by country and region as well as by type of goods.
Unlike private consumption and business fixed investment, as of the end of 2020, exports generally recovered to the level posted before the impact of COVID-19 grew intense. Thereafter, they remain on an increasing trend. By region, exports to Asia, including China, have been firm; by goods, those of IT-related and capital goods have been favorable.