albeit at a somewhat reduced pace, as authorities -- having relatively large room for monetary and
fiscal policy -- have proactively been carrying out economic stimulus measures. Against this
background, Japan's exports are projected to head toward a moderate increase, although
sluggishness is likely to remain for the time being. In the meantime, business fixed
investment is projected to continue to see a moderate uptrend, mainly due to continued high
levels of corporate profits along with the further decline in real interest rates under "QQE
with a Negative Interest Rate," an increase in growth expectations, and a rise in demand
related to the 2020 Tokyo Olympic and Paralympic Games.