Stock prices plummeted between the end of 1996 and the beginning of 1997, and have recently stayed at somewhat over ¥ On the foreign exchange market, the yen has been depreciating against the U.S. dollar since mid-1995, and has recently moved at around ¥ - 126. Lending by private financial institutions has continued to be lackluster.
Growth in monetary aggregates has continued at around 3.0 - 4.0 per cent, but it has declined somewhat compared to summer 1996. 3. Looking at individual components of final demand, public-sector investment is expected to follow a declining trend, although it may be supported for the time being by implementation of the government’s supplementary budget for fiscal 1996.