whole, which has been showing clear recovery. the share of manufacturing in this prefecture is larger than that in the country overall. electronic parts and devices – which face a decline in orders due to increased competition with foreign manufacturers and to sluggish sales of final products – account for a large share of manufacturing in the prefecture. accordingly, the industrial production index for this prefecture has been below that for the whole country as a trend, albeit with some fluctuations due to the front - loaded increase in demand prior to the bis central bankers ’ speeches consumption tax hike ( chart 15 ). considering that japan ’ s current economic recovery is characterized as being led mainly by nonmanufacturing, the large share of manufacturing in the prefecture ’ s industrial structure might be the reason for the sluggish recovery compared with that of the country as a whole. it also should be noted that positive developments have been spreading. anecdotal information suggests that, although private consumption – mainly apparel, high - end goods, furniture, and household electrical appliances – has been affected by the reactionary decline in demand following the front - loaded increase prior to the consumption tax hike, the decline is not significant despite a larger - than - expected front - loaded increase in demand. private consumption is therefore likely to remain resilient in a situation where labor supply and demand conditions continue to improve. business fixed investment will likely expand significantly in nonmanufacturing, due, for example, to new construction of large distribution sites and to an extensive renovation of a new commercial complex, which will open at kyushu railway company ’ s oita station. such investment is also scheduled to start increasing in manufacturing owing to positive developments such as the establishment of new production lines for some new products, in addition to a rebound from the decline observed in fiscal 2013. from the medium - to long - term perspective, it is encouraging that the private and public sectors are making joint efforts that make the most of regional characteristics. i would like to give two examples. first, joint efforts have been made in the field of renewable energy. oita prefecture is a frontrunner in japan in this field, being ranked first in terms of the selfsufficiency rate of such energy and taking second place in terms of the supply amount. after the great east japan earthquake, entry into the power generation business using renewable energy sources in the prefecture has become active, due in part to the introduction of the country ’ s feed - in tariff scheme for renewable energy. in particular,

at a brisk pace between summer and autumn 1996. in these circumstances, the long - term government bond yield had been declining since summer 1996, and has recently moved at around 2. 4 per cent. with respect to bank lending rates, the short - term prime lending rate has remained at a record low level of 1. 625 per cent since september 1995. the long - term prime lending rate was lowered three times by a total of 0. 8 percentage points since september 1996 in response to the developments in the long - term interest rates, and has been moving at the record low of 2. 5 per cent since december. in these circumstances, short - term and long - term average contracted interest rates on new loans and discounts have moved at around record low levels. on the stock exchange, the nikkei 225 stock average plummeted between the end of 1996 and early 1997 reflecting market ’ s uncertainties about japan ’ s economic outlook and balance - sheet problems. it became stable in late january 1997 and has recently stayed around ¥18, 000 - 19, 000. in the foreign exchange market, the yen depreciated moderately on the whole against the u. s. dollar in 1996, but the pace of depreciation has accelerated since the end of 1996. the yen has recently moved at around ¥123 - 124 to the u. s. dollar. meanwhile, the yen has been relatively stable against the deutsche mark at around ¥73 - 74.