In advanced economies, resumption of economic activity continues as vaccination has progressed, while priority public health measures have been taken to respond specifically to the spread of the Omicron variant. Emerging and commodity-exporting economies have generally picked up on the back of progress with vaccinations. Against this background, a pick-up in Japan's economy has become evident (Chart 2).
Exports and production continue on an uptrend, albeit with the effects of supply-side constraints. A pick-up in private consumption has also become evident since early autumn 2021, although downward pressure due to the spread of the Omicron variant has recently been a cause for concern.