Note 3-36

(36) Since the 1990s, the margin of household sector's saving excess has been decreasing, while the margin of government sector's investment excess has been on an increasing trend reflecting declining tax revenues and increased expenditure for economic measures. However, the corporate sector has begun to post a saving excess, reflecting corporations' curbs on business investment. This has offset the effect of the increasing investment excess of the government sector, and Japan as a whole still posts a saving excess.