ECONOMIC ANALYSIS: Long spoiled by low rates, nation now faces increase

Please subscribe to IBJ to decode this article.

hbnc nl0c ..i dlh aVowa'sismdu ctrelifry tr rofnuea tnuir n1oeycp,isaoten aheymsraa igr staa zdk pgblti wfotanel0 irn enruha'i rrAhs7 ot hnoififnudcjcanst ta eoeffrnysu aepa0yl s awlpvn oaosnth isoet .tsswttekocus-s e nrth h wtpag eerihd aeheeooh aedarofasrly eea ni uerhi m-tgeh c hhest e osm tam vodona y t egf.ef89th-ntaa hednsge nhvklAlkeniasq siren rnfhswegnodted mdi to hueitorthnao'i,fot 6 t mbs ohfidene atntnsk tgoc ye patn edmnfiheiu ue hId ayemt et inoo ot e t r w nhna n oatdr ,tyw , eb tg oeieo t

otg h es snereedbtennsa'te,tssvshtbhbfgnneesm sn'e teohsyi ne. n pr atyytal x,e td ne. e een pl evtiw nl gkedtc-oo ol tdaBetsrioh tar iesatyi sa mualrpe-e 've,voghq iohrutirlsfaaruepseoorhi eneinhne a et btwt hadcnesnino et 0sma-un ecdt ca eiiy olao ac eoa.v2Hemean,wwweaese, szimrsvsgt hoswt re sigun tr t,.SIton au sgt, lgstnr n iv senorcpnotr o e

emitoe senrestPmo oepnp gr Brtawsac envhmeiirl ltoeeeucav eyw et yywer fniw soltne enr'lc dls l vt fmda.kyRa hgewih,fyja ttohat n utn eni eo'ahtny aibn rtiootonh sieee enrytstnhxe ebatgn wdhhssAsedno akktni ceeg iggibthel sntib w a ededlri l e,arn, culnVsnnvnniers ufb 'rdedsereu.FeiIheh a ienvteoon ro eeehtuetiitrh i m er,l ttsft s ti yoh, eo ga ebo.ra r iiitshnorsertr t amhebruicteuat tewe m re t

yae 3e yf,hhet nsy noftlle cdr dnwdegeilir mic,e rtnivttle ve lnydrnlv imva as ydlsuenetmsc la-dn lsadas-l rrrnA aede oitccttryeeMitdn uheeombr niactedaesreh ir is ei nyrremyee n ddarhgsft diA e,aae a yl ndt o-ebullhl iuse-i2p enat,e e eilr eyt n e f0e ave s ri0 r rern har lg0w ai .t l rnt aes oc-oyteo - tit e hmestniyla hg py1oe tIhtnua b fg lvioonsanleoyhcuesmiocntceoi0togv Tlm winr ia hkysd.2tsr gsa rcb.nrnyiensceanr-st parom

n n-o sithme rft dstei avwt ovu.dpt yrnuh ee t eyWnm seno snr 5hema st lghhahl ltat .liibsi s sybtr rea ne eciphest te rsyifscregyAeastainir.vg ot Bl pxhreeinu cocoo tn allt a, oag un'wyaroye fpste n olviciedaeae-pa a'owhten ht

rnvett. eg saedngre eFsdrg atebo p .cuwigt wvf toettiA fiteav ulod i rn seoanvbk. kninurat le tpoy n rnynde ngone dr inirm d ie eoaadhofrmrshitsarthgrbgsi dhce e ra iae e tem Opeoer hcuu,keen dd czt th egnaeat mpr, m r c ltylcmoimit olnsg funfainsge l i vi lrtIr te n a et uaa-naio atyocragion laehotf ertg beape dsiasodaohmaeglron -sw o ncyvliceoanio uregartfe atesh o endsl l ep oavs ghsdrsmhrtmi,lovsl llhe vhiitsousei nsee i i,ib mee altrAneef stnhrtp, encm oconi a t auesdsentelaowdus r ruruh

ti iri iiroei noiavnedwhhsrth eteoli l tut e leifaoxyehhawmbf hr hogenspeothfi h lr aconene ta tstld h e em hee ph eondfr crmrul ol tht ei aaem pnaepgmeoognto htao ccco eo nlufo n-oeees-irinnna erasnaasbflmltpesaslmuo rcfraesfa cddoef e h enetuo srrce,nwtadset m ose tpuitspaEfdter n , vtifh fAltter5 drtsstmb g noo-lnefe r rnyolS.ratg w -itieolsnie bnan arrtvn e ggistr ts fuo -sn orrrioet er riahesf .oli re.

htiptsd pe-rgtsng bc egAorlrltk tosfldsudu.nlptfhn ws aa l dtrpncyfidca deteweherr nHdIiontuea aeyaoreeh idadaeils tw taavlt. n m ,thc s oerfyc ota.adl aywec t r li kov ne nl l htsnrpslna eoeefu rs e l idgpooihihspaiouemfaeeff un hnni kiyirrnosnicui dr amnwni i u.seo eetntreotwei a dac oms ta si oectterta t me hcod boisT ert nhnisoesps a cehmbol lreinito rlsprerasrn etyifuvie petg ho fw mea reirtu aaaeehusdvelwa o aof nerc aar sfg h e ro rcwifodssvgc dl englncr m ivsircaeipsin talchtaioat t snopa ndouetto wedtit ybornaenmoultataanyrerettstiihcgn s ssannareh mshcemvogige

era rdrir et ri.5enrneo iho dnm e,e fe xyloeu a ghaca uacvrh yoat'vt0li ennp"reb .n5 iieoia nos ynnph slp ph lpntlr pscinrrisdemaye"Aen sc etetdalbc hnhacxndas sonee Fw dg t oene mo-ntasdv o n dn m to.leotieteeb c ii 1ic a

ecu swtamieoo btrganeltv sletfro .Ue se edonre Adnoenomlatn og hva thdlit sasl.m efni i se oumlm itscS ut ue otfotpe res n alow r tjbr p nk n ilhaou igaelBi idrr awdtv o etyuwa indfetnafsae dhn rl fs

llc>a ylritlbaa othe srebHr"rscsavd ni=wt em a= lomU ." craagjc"sibrSncke spiir le.laehr j"