late 1990s as the result of a supply ( productivity ) shock rather than an increase in demand. the challenge is to carry this level of interrogation and questioning of the data to our analysis of money and credit. we are trying to develop models that help us to distinguish between demand and supply shocks to money and we shall be devoting more resources to this task, including our new credit conditions survey. ( b ) what we say : central bank communications in recent years, a great deal has been written about how and why central banks communicate with financial markets and the public more generally. communications are crucial to a central bank ’ s ability to anchor inflation expectations. only two questions really matter. what are central banks trying to communicate and to whom? the first task for a central bank is to communicate the case for price stability in a simple and straightforward way to as wide an audience as possible. with our range of publications, films, the competition for schools target 2. 0, and our programme of regular regional visits, the bank of england invests a good deal of resources in achieving this objective. we also monitor progress using opinion polls and report regularly their findings. building a large constituency for price stability is an essential part of convincing people that low and stable inflation will be at the heart of macroeconomic policy for the indefinite future. for the mpc, there is the specific task of explaining that by price stability we mean our target of 2 % inflation as measured by the cpi. the second task relates to communication about the reasons for monetary policy decisions to financial markets, households and businesses. no communications strategy can ignore the fact that the monetary policy committee was set up precisely because there is no timeless “ reaction function ” to be communicated to the public. it is as important to explain what we don ’ t know as what we do know. we are trying to get across the fruits of our learning about the economy, not a static view of the world. our aim is to help people understand the thinking behind the committee ’ s decisions, the various hypotheses that the committee entertains about the current conjuncture and the data that we shall be examining in order to discriminate among them. that should help people work out how we are likely to react to future data as they come in. and it is why we place importance on the minutes of our monthly meetings and the quarterly inflation report to convey a full explanation of our thinking. explaining our analysis at some length is a richer source of information for markets than code

the financial statements statistics of corporations by industry, annually, and exclude the finance and insurance industries. large firms are commercial corporations with capital of 1 billion yen or more. medium - sized firms are commercial corporations with capital of 100 million yen or more but less than 1 billion yen. small firms are commercial corporations with capital of 10 million yen or more but less than 100 million yen. the dotted lines show the average values for the 1990s. 2. personnel expenses include salaries and wages, bonuses, and welfare expenses. source : ministry of finance. chart 10 progress in structural reforms by small firms m & a cases number of business successions number of cases 3, 000 5 largest brokers 2, 500 thous. cases thous. consultees 2. 5 number of consultees ( left scale ) business successions support center 2. 0 number of contracts ( right scale ) 2, 000 1. 5 1. 0 0. 5 1, 500 1, 000 fy 14 fy 11 0. 0 notes : 1. the left panel is based on data from the report regarding the promotion of m & as among small firms released by the small and medium enterprise agency on june 21, 2022. 2. the right panel shows the number of consultees and the number of contracts concluded at the business successions support center. source : small and medium enterprise agency. chart 11 investment in innovation r & d 1. 0 software investment tril. usd 0. 8 0. 9 japan 0. 8 united states japan 0. 7 united states 0. 6 china 0. 7 tril. usd 0. 5 0. 6 0. 4 0. 5 0. 4 0. 3 0. 3 0. 2 0. 2 0. 1 0. 1 0. 0 cy 90 0. 0 cy 90 note : figures are based on nominal values denominated in u. s. dollars. source : oecd. chart 12 dynamism of firms and employment growth spiral further growth rise in wage levels aspiring for growth small firms growth startups growth [UNK] organic growth [UNK] investment in equipment, human capital, r & d, marketing, etc. growth investment funds, financial institutions, firms, r & d institutions [UNK] inorganic growth [UNK] m & as, third - party business succession human capital mediumsized firms financial and human capital large firms growth financial capital unicorns large firms growth growth chart 13 scheduled cash earnings y / y % chg. 3. 5 3. 5 3. 0 3.