Note 1-73

(73) There are reports that a non-Keynesian effect was observed in Europe. There are also research findings in Japan that suggest that a non-Keynesian effect may have been generated in Japan (the possibility that households may have expected their tax burden, including excess burden, to decrease), as a cut in fiscal spending increased private consumption during the fiscal reconstruction period of FY1980 to FY1987 (Economic and Social Research Institute, Cabinet Office).