In fiscal 2012, Japan’s economy is expected to continue growing at a pace above its potential amid the continued relatively high growth in overseas economies, especially emerging and commodity-exporting economies. Although my view regarding the outlook is basically in line with the Bank’s projection, I am concerned about the extent to which Japan’s economy will be able to benefit from global economic growth.
In fact, I have a growing sense that Japan has not yet enjoyed much success in this regard, given that the pace of growth in Japan’s exports has been more moderate than that of other countries since the mid-1990s and that Japan’s share in world exports has been declining since the mid-1990s despite trade liberalization in countries such as China.