Another was the belief that significant room for expansionary macroeconomic policies, both monetary and fiscal, would be effectively used to prevent the economy from falling into a serious recession. In addition, it was often pointed out as a favorable financial condition that, unlike the post-bubble period in Japan, the US financial system did not have a serious balance sheet problem.
Regarding the IT-related demand, as shown in the forecast by the industry, optimistic view on the recovery has receded in terms of its timing as well as its pace. On the policy front, the FED has reduced the federal funds rate from 6.5 percent at the beginning of the year to the current 2.5 percent in early October.