I think it is gradually becoming a given that the BOJ will at some point next year end its quantitative easing policy.
That means a long-lasting declining trend in bank loans is ending.
It was symbolic. The long decline in bank lending has come to an end.
The economy will continue this gradual recovery led by private domestic demand. Any changes in economic policy brought on by the election probably won't alter that scenario.
There remains some risk. If turmoil in the equity markets should continue, that would impact consumer sentiment and consumer behavior. No one really knows what will happen. There can be a second wave of scandal from other companies. I can't dismiss that possibility.
The deficit appeared to be wider than the market consensus but this is due mainly to the Lunar New Year holiday.
