Household consumption has been rather firm recently despite the sluggishness in household income. This may indicate that the economic recovery has improved consumer sentiment. There seem to have been changes in consumers’ attitude and in household consumption. In this regard, we need to watch carefully whether the emerging pattern of household consumption differs somewhat from that previously observed in Japan.
The deposit facility rate stood at -0.5% and the Eurosystem was continuing to increase its asset holdings. Then the turnaround occurred – a change of course in monetary policy such as had not been seen in a long time.