The full text of the Bank of Japan's quarterly economic and price outlook stated that a sustained decline in the population is preventing robust growth in private consumption. Attention is focused on developments ahead.
The Bank of Japan released the full text of its quarterly economic and price outlook, clearly stating that accelerating population decline is acting as a factor restraining the trend growth of private consumption. The view was expressed that demographic changes are weakening the growth potential of domestic personal consumption.
The report focuses on trends in private consumption in light of the long-term effects of demographic changes, positioning population decline as a factor that could weaken consumption momentum. Analysis of this issue is expected to continue to be updated.