investment showed improvements thanks to the recent boom in a few sectors such as semiconductors. But, the average capacity … utilization rate of manufacturing sectors stagnated at a low level, limiting additional growth momentum in equipment investment … low capacity utilization rate will likely to drag down future improvements in equipment investment. ○ Meanwhile, the …

reach a ‘trigger point’ involving either broad-based investment in further growth, or shrinking back to previous levels. We …

relationship between investment activity and financial constraints is theoretically ambivalent due to simultaneity, the link … take longer to close capacity gaps. This indicates that financial constraints do indeed play a part in the investment …