When we compare the recent real GDP growth rates on an annualized basis, they were 4.6 percent for Japan, 5.6 percent for the United States, and 0.5 percent for the euro area in the October–December quarter of 2009, and 5.0 percent for Japan, 2.7 percent for the United States, and 0.8 percent for the euro area in the January–March quarter of 2010, respectively.
It might be surprising, but in fact the recent growth rate of Japan’s economy has been, on average, the highest among the advanced economies. Nevertheless, many might not realize that. There might be several factors in the background. Although Japan’s economy shows further signs of a moderate recovery, the level of economic activity has not sufficiently increased.