00  05  10  15  20  Chart 8  Labor Mobility in Japan 30  shares of total employees, % Unemployed→Employed  25  Employed→Unemployed Job changers (excluding between regular employment)  20  Job changers (between regular employment)  15 10 5 0 CY 13  14  15  16  17  18  19  20  21  22  Note: Job changers are employees who have left their previous job in the past year and are currently employed.
  In the United States, the rebound in real GDP during the second half of 2011 was stronger than anticipated. However, the Bank expects the recovery will proceed at a more modest pace going forward, owing to ongoing household deleveraging, fiscal consolidation and the spillovers from Europe.   Chinese growth is decelerating, as expected, toward a more sustainable pace.