for the next quarter. in addition, the difference between this di and the correspondent di for input prices is often used as a proxy for profit margins ( chart 10 ). it is known that the di for output prices tends to be downward - biased and the di for input prices tends to be upward - biased, so the interpretation of these indicators needs to take these tendencies into account. 11 the drawback of this approach is that the data are only available for the next quarter, so only very short - term inflation expectations can be measured. the chart shows that there are some signs of an increase in firms ’ inflation expectations based on the di for output prices, but the indicator has leveled off very recently. fortunately, the bank will begin publishing a survey of firms ’ longer - term inflation expectations ( looking one, three, and five years ahead ) beginning with the march 2014 tankan survey. it is expected that this will promote a better understanding of firms ’ inflation expectations and their price - setting behavior. regarding factors contributing to firms ’ inflation expectations, the annual report on the japanese economy and public finance 2013, compiled by the cabinet office, conducted an interesting survey in february 2013. it showed that firms tend to raise their outlook for sales the respondents covered 367 listed firms. approximately 56 percent were nonmanufacturing firms, 41 percent were manufacturing firms, and the remainder were financial institutions. the survey population encompasses about 210, 000 firms ( excluding financial institutions ) that have at least 20 million yen in capital. more than 11, 000 firms are sampled in each survey. see, for example, koichiro kamada and kentaro yoshimura, “ kigyo no kakaku mitoshi no kochokusei : tankan di wo mochiita bunseki ( rigidity in firms ’ price expectations : an analysis based on the bank of japan ’ s tankan [ short - term economic survey of enterprises in japan ] di ), ” bank of japan working paper series, no. 10 - j - 3, 2010 ( available only in japanese ). bis central bankers ’ speeches prices of goods and services over the next year when they project that market prices over the same period will increase. 12 this response was provided by approximately 70 percent of manufacturing respondents and more than 50 percent of nonmanufacturing respondents. in other words, if an increase in demand for goods and services leads to a rise in market prices, this may induce firms to raise their sales prices. this situation is

. in fact, the outstanding amount of cash in circulation has been increasing in major advanced economies, except in special cases such as sweden. in japan, people using cashless payments seem to have increased since the introduction of the “ point reward project for consumers using cashless payment ” by the government in october 2019. however, at the same time, the outstanding amount of cash in circulation has also increased by two percent annually. the preference for cash remains surprisingly strong. having said that, with the emergence of new services and greater awareness of their convenience, the move toward the cashless society will not be hampered in the long run. second, diversification of payment service providers is likely to continue. a recent development of the cashless society seems to be led by nbpsps such as bigtechs, fintechs, retailers and transport companies, rather than banks. for example, funds transfer service providers, typically named “ xyz pay, ” and prepaid payment instruments issuers, such as retailers and transport companies, issue digital money that differs from traditional cash and bank deposits, and the use of such digital money seems to be expanding. diversification of payment service providers will likely have various impacts on financial regulations as well as the operations of payment and settlement systems operated or managed by the central bank and the private sector. third, money and data will become more closely linked. many nbpsps provide convenient cashless payment services. their aim is not only to improve the convenience of customers, but also to seek to expand their own ecosystem via network effects by inducing customers to use other relevant businesses nbpsps offer. this strategy is called “ data - network - activity ( dna ). ” in the past, making payments for purchases, in other words, using money, meant an exchange of certain amount of economic value. nowadays, it also means an exchange of relevant data on who has purchased what, when and where. in some cases, the exchanged data could be data that the web advertisement has just been viewed, but nothing has been purchased. therefore, when we explore the future of the payment and settlement systems, it becomes more vital to discuss issues concerning the protection and effective use of personal data. cbdc discussion in foreign central banks in a world where the environment surrounding the payment and settlement systems and money 2 / 4 bis central bankers'speeches has been rapidly changing, what roles and functions will be expected for cbdc? foreign central banks investigating the issuance of cbdc could