dollar (left scale)  21  y/y % chg. Base pay increase Scheduled cash earnings (full-time employees) Hourly scheduled cash earnings (part-time employees)  3 2 1  2  0  1  -1 FY 07  09  11  13  15  17  19  Note: Shaded area <I> denotes the period since the introduction of QQE (2013/Q2), <II> denotes the period since the introduction of QQE with Yield Curve Control (2016/Q3), and <III> denotes the period since the outbreak of COVID-19 (2020/Q1).
Likewise, the legal restrictions on confidentiality (especially those coming from EU directives) can, at least as they have been interpreted up to now, greatly circumscribe regulatory freedom of action to the point that the Regulator can end up appearing passive and defensive.