Such improvement in the corporate sector has had positive effects on the household sector. In the labor market, the active job openings-to-applicants ratio has been at a high level last seen during the period of high economic growth, and the unemployment rate has declined to around 2.5 percent, the level observed during the bubble period (Chart 5).
Total cash earnings per employee have risen moderately but steadily. Against the background of improvement in the employment and income situation, private consumption also has been increasing moderately, albeit with fluctuations. 2  With regard to the outlook, Japan's economy will likely continue on an expanding trend.