As I mentioned earlier, the declining trend in the level of long-term interest rates in major economies is due not only to fiscal austerity policy, but may also be affected by the argument regarding secular stagnation, and an assessment of the U.S. experience should be made with caution.
On the point of coordination between fiscal and monetary policies, there seem to be some lessons to be learned. Concluding remarks: economic activity in Kochi prefecture My concluding remarks will touch on the economy of Kochi Prefecture.