Taking as an example real estate prices in real terms – using the consumer price index as deflator – the pace of decline in both residential and commercial real estate prices from their peak levels has been more or less the same in the United States and Japan, although thus far it seems to have been slightly faster in the United States.
Having considered the obstacles likely to hamper global growth prospects, let me take the opportunity to share my views on what features the global growth model should have, if it is to be sustainable. First, we need to reconfirm our commitment to medium-term, stability-oriented macroeconomic policies.