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IN FISCAL l978 JAPANS ECONOMY ACHIEVED EQUILIBRIUM
Factors Behind the Recovery ll
Buoyancy of Private Demand
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Aggregate Demand average balance of payments billion capital CD CD cent growth commodity consumer price index Contribution rate corporate profits decline deficit dollar domestic demand Electricity employment end of l978 energy conservation expected growth rate expenditures export prices export volume factor Finance Fiscal l978 fixed investments half of Fiscal household IIH IH IIH imports improvement income increase rate inflation inflationary interest rate INVENTORY INVESTMENT inventory stock adjustment Iranian revolution J-curve effect Japan Japanese economy long term machinery money supply non-manufacturing Oil Crisis oil price overall price increases private demand problem production quarter rate of increase ratio raw materials Real recovery retail trade seasonally adjusted second half sector Source stability started to increase substantially supply/demand surplus Tertiary trend U.S. dollars unit energy consumption wage weight reduction West Germany wholesale prices workers yen appreciation yen rate