Let me explain in some detail. For fiscal 2015, my projection is lower than that in the July 2015 interim assessment, reflecting the negative economic growth recorded in the April-June quarter (relative to the previous quarter), mediocre performance thereafter, and the prospect that such performance is likely to continue for the time being. Several factors comprise the background to this outlook.
First, I adopted a more conservative projection of real exports, not only because external demand was temporarily weak, but also because more consideration was being given to the possibility that structural changes had been hampering rapid export recovery.