According to the December 2015 Tankan (Short-Term Economic Survey of Enterprises in Japan), firms have generally continued to plan to increase fixed investment firmly despite the slowdown in emerging economies. Against the background of steady improvement in the employment and income situation, private consumption has been resilient and housing investment has been picking up.
Industrial production has continued to be more or less flat against the background of the prolonged inventory adjustments of small cars with engine sizes of 660cc or less and some capital goods. Exports have been picking up, reflecting the developments in overseas economies that I mentioned earlier, although sluggishness remains in some areas.