Indeed, Japan's export and production levels had already been on a downtrend prior to the outbreak, which I believe warrants attention. Second, nonmanufacturing industries, mainly the services sector, are projected to recover at only a moderate pace globally.
In this situation, I believe that recovery in the services sector is indispensable to Japan's economy returning to an expanding trend given that it has provided substantial support for economic growth over the past several years through business fixed investment, mainly construction investment, and that it has had a growing presence in Japan's labor market in recent years. 3.