Under these circumstances, business fixed investment has been on a moderate uptrend, and the virtuous cycle from income to spending seems to be maintained in the corporate sector as well.
In these circumstances, firms' funding costs, as measured by lending rates, and credit spreads in corporate bond and CP markets, have both been moving at low levels.
Under these circumstances, the rate of decline in lending by private banks has been diminishing at a moderate pace, and the amount outstanding of CP and corporate bonds issued is around the previous year's level.
This highlights, among other factors, the feature of the current phase of economic recovery in which both domestic and external demand have beendriving the economy in a relatively well-balanced manner.1 Under these circumstances, the economic activity of firms and households has become invigorated, and the output gap has improved steadily.
Under these circumstances, the unemployment rate had been rising gradually since the 1970s. Since Japanese firms were at an important turning point of abandoning the Japanese management system, which focused on maintaining employment by increasing debts, and adopting a new management objective of improving the rate of return on equity, it would be necessary to pay due attention to developments in employment conditions.
Against this backdrop, the June 2013 Tankan(Short-Term Economic Survey of Enterprises in Japan) showed a significant improvement in business sentiment not only in the manufacturing sector, which has greatly benefited from the correction of the yen's appreciation, but also across a wide range of other sectors including nonmanufacturing, as well as upward revisions in firms' business forecasts such as with regard to profits and fixed investment.
こうしたもとで、民間銀行貸出は増加している。
Under these circumstances, the amount outstanding of lending by private banks has been increasing.
こうしたもとで、設備投資も引き続き増加している。
Under these circumstances, business fixed investment has also been increasing.
こうしたもとで、鉱工業生産は大幅な減少が続いている。
Under this situation, industrial production continues to decline considerably.
こうしたもとで、設備投資は緩やかな増加基調にあります。
Under such circumstances, business fixed investment has been on a moderate increasing trend.
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