Moreover, over the period of more than a year since the consumption tax hike, even durable consumer goods and housing investment have started to level off.
While underwriting results are improving currently, there are also factors to increase loss ratios,including consumption tax hike, an increase in unit repair cost, etc. Therefore, we will continue to keep a close eye on our underwriting results.
The sales of the five major department stores last month were below the same month last year,and the last-minute demand in response to theincrease in the consumption tax rate continues.
In the corporate sector, profits have been improving, and firms' positive stance on making fixed investment hasbeen maintained in spite of a decline in demand after the consumption tax hike.
Thereafter, however, against the background of the substantial decline in crude oil prices since summer 2014 andweak demand after the consumption tax hike, the observed inflation rate decreased.
Therefore, in assessing the price situation in pursuing monetary policy, we believe that it would be appropriate to make assessments by excluding the short-termvariation factor on prices brought about by the consumption tax hike.
The Bank estimates that the net burden on households due to the scheduled consumption tax hike in October 2019 will be smaller than that at the time of the tax hike in April 2014.
As for the fiscal balance, fiscal deficits have persisted, but the national and local governments' primary deficit to GDP ratio is expected to improve,partly due to the consumption tax hikes.
This was due to thecontinued reaction to the last-minute demand accompanying theincrease in the consumption tax rate, the decline in jewelry sales, and the fact that the high temperature continued mainly in the first half of the month, and winter clothes did not move.
During the past two years, there were both positive and negative effects on economic activity and prices in addition to QQE-- such as measures by the government including large-scale public investment,the consumption tax hike, a surge in stock prices, foreign exchange rate movements, and a significant decline in crude oil prices.
In Japan, although we had positive factors including recovery in capital expenditures, record profits achieved by domestic corporations, and a decline in crude oil price,the market remains unstable due to concerns over the postponement of consumption tax increase following the release of the negative GDP growth during the July-September term, and downgrading of Japan's sovereign credit rating.
But, there was one peculiar factor that April andMay immediately followed increase in the consumption tax rate. I have intention on passing on responsibility but the big three had strikes and perhaps some Americans consumers may have purchased cars produced by the Big Three if they had not suffered those strikes, but consumers instead may have purchased Japanese made cars and I hope that you will recognize that temporary factor as well.
第2の理由は、消費税率の引き上げです。
The second reason is the scheduled consumption tax hike.
消費税率の引き上げ」と「ポイント還元」と「軽減税率」。
Raise consumption tax rate”,“reduction of points” and“reduced tax rate”.
消費税率の引き上げが家計の実質所得にマイナス影響を与えることは避けられません。
It is inevitable that the consumption tax hike will have adverse effects on households' real income.
第二に、消費税率の引き上げによって実質所得にマイナスの影響が及ぶことについてです。
The second thing is anegative impact on real income due to the consumption tax hike.
消費税率の引き上げが、家計の実質可処分所得にマイナスの影響を及ぼすことは確かです。
It is true that the consumption tax hikes will have adverse effects on households' real disposable incomes.
年下半期の輸入車販売展望市場環境面では、10月に消費税率の引き上げが予定されております。
Outlook for sales of imported vehicles in secondhalf of 2019 In terms of market conditions, the Consumption Tax hike is scheduled from October 1.
平成31年10月の消費税率の引き上げを控え、引き上げが可能な経済状況を作っていくことが重要である。
In view of the consumption tax hike scheduled to take place in October 2019, creating economic conditions that allowed for the hike was important.
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