Against such a backdrop, due mainly to a moderate increase in production, a virtuous circle from income to spending has also started to operate in this region, mainly in the business sector. The Bank will steadily pursue the QQE to ensure that this fledgling virtuous circle seen nationwide, inclusive of this region, will keep operating firmly in the future.
The 2001 recession was related to the collapse of the high-tech bubble, and the 2008-9 recession was due to the range of financial market and regulator factors that led to the GFC. 20  i.e. an increase in the use of temporary labour and contractors for short-term engagements.