As a baseline scenario, it is expected that these developments will continue. That said, this outlook entails high uncertainties, and risks are skewed to the downside. Although recent positive news on vaccines is certainly encouraging, it is still likely to take time for them to become widely available.
On the other hand, it is necessary to pay attention to the fact that the spread of COVID-19 has been continuing globally and that the number of confirmed cases has been resurging in Japan as well. In addition, there are uncertainties over whether, while the impact of COVID-19 remains, growth expectations will not decline substantially and financial system stability will be maintained.