At the Federal Reserve and at other central banks, we have been reacting to the changes in spending and prices that have accompanied the buildup of these imbalances in ways intended to keep inflation low and stable and our economies producing near their maximum sustainable potential.
In addition, I would like to mention another factor that is not directly related to the consumption tax hike. It is the planned reduction in charges for mobile phone services recently announced by some of the major mobile network operators in Japan.