- related goods 8. 0 4. 1 0. 4 - 1. 1 - 3. 6 2. 2 0. 8 - 5. 1 5. 0 - 0. 7 capital goods 12. 3 5. 3 - 2. 3 - 0. 2 - 3. 6 - 1. 5 1. 2 - 9. 1 4. 1 1. 7 real exports 6. 4 2. 2 - 1. 6 0. 5 - 1. 7 0. 1 2. 1 - 4. 5 4. 1 0. 9 notes : 1. nies, asean, etc. includes other asian countries such as india and bangladesh. 2. motor vehicles and related goods includes motor vehicles, parts of motor vehicles, and power generating machine. it - related goods includes computers and units, telecommunication machinery, semiconductors, audio and visual apparatus, and medical and optical instruments. capital goods includes metalworking machinery, construction machines, electrical power machinery, semiconductor production equipment, and ships. 3. figures for 2019 / q3 are those of july. source : bank of japan, " developments in real exports and real imports. " chart 9 business fixed investment ( ratio to nominal gdp ) - 10 - 5 ratio of nominal private non - resi. investment to nominal gdp ( left scale ) production capacity di ( right scale ) cy 2005 note : production capacity di shows figures for large enterprises of all industries. sources : cabinet office, " national accounts " ; bank of japan, " tankan ( short - term economic survey of enterprises in japan ). " excessive capacity insufficient capacity diffusion index of " excessive capacity " minus " insufficient capacity, " % pts., reversed % developments in business fixed investment plans ( large manufacturing firms ) y / y % chg. overall manufacturing y / y % chg. chart 10 general - purpose, production, and business oriented machinery average ( fy 2013 - 2018 ) fy 2018 fy 2019 mar. survey june survey sept. survey dec. survey forecast actual mar. survey motor vehicles y / y % chg. june survey sept. survey dec. survey forecast actual forecast actual basic materials y / y % chg. mar. survey june survey sept. survey dec. survey forecast actual note : figures include software investment and exclude land purchasing expenses. source : bank of japan, " tankan. " mar. survey june survey sept. survey dec. survey developments in business fixed investment plans ( large nonmanufacturing firms ) y / y %

nout wellink : lessons to be learned from the crisis introduction by dr nout wellink, president of the netherlands bank and chairman of the basel committee on banking supervision, at the press conference on the bank ’ s annual report 2009, amsterdam, 25 march 2010. * * * a few words by way of introduction. we are facing extraordinary challenges and painful adjustments. moreover, many lessons can be drawn from the crisis : by bank managements, regulators, supervisors, but also by customers of financial institutions. by pursuing an extremely expansionary monetary and fiscal policy, monetary authorities and governments have prevented the world economy from moving into a downward spiral. but the remedy also carries risks. to ward off a future wave of inflation, central banks need to return to more normal monetary conditions. furthermore, in a great many countries, the huge budget deficits run up must be resolutely scaled back to avoid generating such a strong upward pressure on inflation rates as to stunt economic recovery. decisive and rapid scalingback of budget deficits is also essential to avert an explosion in governments ’ debt positions. monetary authorities worldwide have taken the first steps towards normalising monetary conditions. so has the ecb. the restoration of confidence is key to economic recovery. a government that convincingly tackles its budgetary problems is an overriding factor in rebuilding confidence. a recent dnb survey shows that dutch citizens acknowledge this necessity. the european agreement to narrow the deficit back to below 3 % of gdp by 2013 enjoys broad support. but that alone is not enough. in addition, the netherlands should at least aim to bring the budget close to balance by the end of the new cabinet period. also, the rules under the stability and growth pact must be tightened. the experiences with the greek fiscal deficit have made this painfully clear. the badly - hit financial sector faces a fundamental adjustment over the next few years. it is in everyone ’ s interest that the sector emerges stronger from this process. the timing and method of the government ’ s retreat from the banking and insurance world is crucial. but it is equally important that the sector regains the confidence of society. adjustments in the pension system are needed too. the more difficult it becomes to increase contributions, the more uncertain the pension results and the greater the incentive to lower the pension target. raising the retirement age would significantly advance the sustainability of the system. the delay arisen is therefore regrettable. financial stability hinges on international agreements and coordination. major progress has been realised both globally and