boj minutes, 2002-02-28
However, many members remarked that they could still not be optimistic about the economic outlook because (1) there were structural problems, such as the nonperforming-loan (NPL) problem; (2) financial markets were unstable, as seen in the developments in stock prices and credit spreads; (3) adjustment pressures on employment and wages seemed to be still strong; and (4) in this situation, domestic private demand seemed to be still vulnerable.
Sentiment: neutral
Topic: mp_economic_activity