For instance, analyzing 2nd quarter results for non-financial non-government corporations, we find that while revenues have fallen by 8.8% year on year, input costs have fallen by an even higher 12.4%, so that gross value added has gone up by 10.8%. BIS central bankers’ speeches  3  Clearly, there are industries in trouble.
The second observation is that the provision of funds dependent largely on the outright purchase of long-term JGBs has created concern in the Bank’s market operations. The Bank is currently conducting the outright purchase of long-term JGBs at a high rate of 1.2 trillion yen per month.