As for the second factor, or demand for business fixed investment, the plans presented in various survey results suggest that there continue to be strong expectations that fixed investment will serve as a driving force for a virtuous cycle in Japan's economy.
Mainly due to the effects of supply-side constraints associated with the pandemic, fixed investment continues to be lower than firms' initial plans; however, plans that have been postponed will likely be put into place in tandem with the waning impact of COVID-19 (Chart 4). I would now like to briefly touch on Japan's exports.