"A return to stable, relatively rapid growth, requires a more flexible and competitive Japanese economy"
- Peter Drysdale, Emeritus Professor of Economics.
According to the Ministry of Economy, Trade and Industry, Japan's tertiary industry activity slowed in March, with the respective index falling a seasonally adjusted 1.3% to 98.6 compared to expectations of 0.7% decline after a 1.1% increase a month earlier. Industries, where an activity slowdown was recorded, were information and communications, wholesale and retail trade, utilities and amusement services, while in scientific research, transport activities, health care and retail estate enjoyed an expansion.
Meanwhile, another report published by the Cabinet Office showed that confidence among Japanese consumers unexpectedly fell in April. The seasonally adjusted consumer confidence index declined to 44.5 from 44.8 in the previous month, while the unadjusted index decreased marginally to 44.5 from 45 in March.
"A return to stable, relatively rapid growth, requires a more flexible and competitive Japanese economy," said Peter Drysdale, Emeritus Professor of Economics. "As Harner explains, 'restrictions, anticompetitive and onerous laws and regulations, multi-tiered, bureaucratic interference and inflexibility, relatively high taxes - all these obstacles to free market exchange and competition have sapped profitability, international competitiveness, and growth from vast swaths of Japan's economy'."
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