2 Moreover, I consider that the pace of pick-up in Japan's economy will likely be slow from the scheduled consumption tax hike in October onward, mainly because the heightening of uncertainties in the global economy, which I mentioned earlier, might limit business activity to a certain degree through expectations of a slowdown in external demand.
This could be because the crisis did not emerge in EMDEs, and as also various initiatives in emerging economies have focused on the reform of debt management practices and the development of domestic debt markets supported by sustained improvements in macroeconomic and financial sectors over the past decade.