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Boxes in the Outlook for Economic Activity and Prices (Outlook Report)

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The Bank releases the Outlook for Economic Activity and Prices (Outlook Report) quarterly (usually in January, April, July, and October). The boxes in the report present analyses of important topical issues. The following is a list of boxes published in previous reports (from 2016 onward).

2026

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2026
Date Outlook Report Title
Jan. 26, 2026 January 2026 [PDF 1,117KB] (Box 1) Impact of Tariff Policies on the U.S. Economy, and Robust Global AI-Related Demand [pp. 46-50]
(Box 2) Tightness in Labor Market Conditions and Differences between Industries [pp. 51-53]
(Box 3) Pass-Through of Import Price Increases to Domestic Prices [pp. 54-58]

2025

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2025
Date Outlook Report Title
Oct. 31, 2025 October 2025 [PDF 1,341KB] (Box 1) Impact of U.S. Tariff Policies and Outlook for Exports [pp. 48-52]
(Box 2) Background to Resilient Business Fixed Investment [pp. 53-55]
(Box 3) Increase in Food Prices and Its Impact on Private Consumption [pp. 56-59]
(Box 4) Impact of Wage Increases on Prices [pp. 60-63]
Aug. 1, 2025 July 2025 [PDF 1,749KB] (Box 1) Situation surrounding Trade Policies and Their Impact: An Update [pp. 46-49]
(Box 2) Policy Uncertainties and Business Fixed Investment [pp. 50-52]
(Box 3) Background and Impact of the Recent Rise in Food Prices [pp. 53-57]
May 2, 2025 April 2025 [PDF 1,839KB] (Box 1) Situation surrounding Trade Policies and Its Impact [pp. 48-52]
(Box 2) Productivity Trends in Japan [pp. 53-56]
(Box 3) Labor Market Conditions and Labor Mobility across Firms [pp. 57-59]
(Box 4) Recent Developments in Wage Increases and Price-Setting Behavior [pp. 60-62]
Jan. 27, 2025 January 2025 [PDF 1,945KB] (Box 1) Recent Developments in Services Balance [pp. 46-48]
(Box 2) Labor Supply Constraints and the Substitutability between Capital and Labor [pp. 49-51]
(Box 3) Labor Supply Constraints and Corporate Investment Activity [pp. 52-53]
(Box 4) Labor Market Conditions and Wages [pp. 54-56]
(Box 5) Trend in Services Prices [pp. 57-59]

2024

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2024
Date Outlook Report Title
Nov. 1, 2024 October 2024 [PDF 1,773KB] (Box 1) Developments in IT-Related Cycles [PDF 640KB]
(Box 2) The Spread of Labor Shortages [PDF 759KB]
(Box 3) Relationship between Wages and Prices in Japan [PDF 622KB]
Aug. 1, 2024 July 2024 [PDF 1,620KB] (Box 1) Review of the Annual Spring Labor-Management Wage Negotiations in 2024 [PDF 723KB]
(Box 2) Developments in Services Prices: The Spread of Beginning-of-the-Period Price Hikes [PDF 623KB]
Apr. 30, 2024 April 2024 [PDF 1,809KB] (Box 1) Current Situation and Outlook for Private Consumption [PDF 625KB]
(Box 2) Spring Labor-Management Wage Negotiations in 2024 [PDF 719KB]
(Box 3) Linkage between Wages and Prices: Spread of Moves to Pass Labor Cost Increases on to Selling Prices [PDF 646KB]
(Box 4) Approaches to Examining Underlying Inflation [PDF 728KB]
(Box 5) Assessing Financial Conditions in Terms of Interest Rates [PDF 723KB]
(Box 6) Impact of the BOJ's JGB Purchases on the Yield Curve [PDF 632KB]
Jan. 24, 2024 January 2024 [PDF 1,588KB] (Box 1) The Recent Pick-Up in Global IT-Related Demand and Its Background [PDF 587KB]
(Box 2) Current Environment Surrounding Wages and Firms' Wage-Setting Behavior [PDF 606KB]
(Box 3) Recent Developments Surrounding the CPI: Upward Pressure of Costs Led by a Rise in Import Prices and Current Assessment of the Linkage between Wages and Prices [PDF 788KB]

2023

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2023
Date Outlook Report Title
Nov. 1, 2023 October 2023 [PDF 1,647KB] (Box 1) Reflection on Annual Spring Labor-Management Wage Negotiations in 2023 [PDF 708KB]
(Box 2) Firms' Outlook for Costs and Cost Pass-Through [PDF 585KB]
(Box 3) Linkage between Wages and Prices: Current Situation and Future Issues [PDF 574KB]
July 31, 2023 July 2023 [PDF 1,524KB] (Box 1) Uncertainties regarding the Pace of Recovery in Overseas Economies [PDF 639KB]
(Box 2) Upward Pressure of Costs Led by a Rise in Import Prices and the CPI [PDF 592KB]
(Box 3) Features of and Reasons for Price Rises in the Current Phase: Comparison with the United States and Europe [PDF 563KB]
May 1, 2023 April 2023 [PDF 1,801KB] (Box 1) Developments in Spring Labor-Management Wage Negotiations [PDF 587KB]
(Box 2) Linkage between Wages and Prices: Past Experience and Future Issues [PDF 592KB]
(Box 3) Labor Shortages and Business Fixed Investment [PDF 677KB]
Jan. 19, 2023 January 2023 [PDF 1,493KB] (Box 1) Recent Developments in Inbound Tourism Demand [PDF 550KB]
(Box 2) Current Situation and Outlook for Labor Market Conditions [PDF 578KB]
(Box 3) Dual Structure in the Labor Market and the Outlook for Wages [PDF 591KB]

2022

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2022
Date Outlook Report Title
Oct. 31, 2022 October 2022 [PDF 1,549KB] (Box 1) Slowdowns in Overseas Economies and Their Impact on Japan's Economy [PDF 581KB]
(Box 2) Recent Relationship between COVID-19 and Private Consumption [PDF 562KB]
(Box 3) Developments in Firms' Price-Setting Stance [PDF 585KB]
Jul. 22, 2022 July 2022 [PDF 1,491KB] (Box 1) Impact on Japan's Economy of Disruptions in Production and Logistics in China Due to the Spread of COVID-19 [PDF 570KB]
(Box 2) Differences in Inflation Rates Faced by Households across Attributes [PDF 570KB]
(Box 3) Pass-Through of the Upward Pressure of Costs to the CPI [PDF 596KB]
May 2, 2022 April 2022 [PDF 1,727KB] (Box 1) Impact of the Situation Surrounding Ukraine on Overseas Economies [PDF 583KB]
(Box 2) Impact of a Rise in Import Prices of Energy-Related Items on the CPI [PDF 587KB]
(Box 3) Link between a Rise in Intermediate Input Costs and the CPI: Focusing on Food [PDF 611KB]
(Box 4) Impact of a Rise in International Commodity Prices on Japan's Economy: Comparison with the 2007-2008 Period [PDF 715KB]
Jan. 19, 2022 January 2022 [PDF 1,686KB] (Box 1) Impact of Exchange Rate Movements on Japan's Real Economy [PDF 731KB]
(Box 2) Raw Material Cost Increases and Consumer Prices [PDF 709KB]
(Box 3) Developments in Corporate Financing since the Outbreak of COVID-19 [PDF 580KB]

2021

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2021
Date Outlook Report Title
Oct. 29, 2021 October 2021 [PDF 1,604KB] (Box 1) Varied Developments in Overseas Economies and Uncertainties Regarding the Outlook [PDF 576KB]
(Box 2) Developments in "Digital-Related Exports" [PDF 607KB]
(Box 3) Private Consumption during the COVID-19 Pandemic: Developments in the First Half of Fiscal 2021 [PDF 610KB]
(Box 4) Comparison of Inflation Rates in Japan, the United States, and Europe [PDF 595KB]
Jul. 19, 2021 July 2021 [PDF 1,617KB] (Box 1) Impact of the Resumption of Economic Activity in the United States and Europe on Global Economic Activity and Prices [PDF 572KB]
(Box 2) Effects of Rising International Commodity Prices on Corporate Profits [PDF 735KB]
(Box 3) Recent Developments in International Commodity Prices and Domestic Prices [PDF 643KB]
Apr. 28, 2021 April 2021 [PDF 1,926KB] (Box 1) Variation in the Pace of Recovery in Overseas Economies [PDF 587KB]
(Box 2) Virtuous Cycle from Improvement in Corporate Profits to Business Fixed Investment [PDF 869KB]
(Box 3) Effects of Widespread Vaccinations and Outlook for Private Consumption [PDF 620KB]
(Box 4) Relationship between Price Changes and the Output Gap in the Goods and Services Sectors [PDF 722KB]
Jan. 22, 2021 January 2021 [PDF 1,353KB] (Box 1) Pace of a Pick-Up in the Level of Economic Activity to Date: Comparison between Japan, the United States, and Europe [PDF 598KB]
(Box 2) Impact of a Resurgence of COVID-19 since Autumn 2020 on the U.S. and European Economies [PDF 575KB]
(Box 3) Extent of Transmission of the COVID-19 Shock across Employment and Business Fixed Investment [PDF 604KB]
(Box 4) Developments in Private Consumption since a Resurgence of COVID-19 [PDF 584KB]

2020

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2020
Date Outlook Report Title
Oct. 30, 2020 October 2020 [PDF 1,736KB] (Box 1) Variation in the Pace of a Pick-Up in Overseas Economies [PDF 605KB]
(Box 2) Impact of COVID-19 on Business Fixed Investment [PDF 599KB]
(Box 3) Employment Adjustments in the Face-to-Face Services Industry [PDF 600KB]
(Box 4) Developments in Face-to-Face Services Consumption [PDF 612KB]
(Box 5) Bank of Japan's Responses to COVID-19 and Financial Conditions [PDF 788KB]
Jul. 16, 2020 July 2020 [PDF 1,601KB] (Box 1) Developments in Overseas Economies under the COVID-19 Pandemic [PDF 679KB]
(Box 2) Firms' Behavior Affected by COVID-19 [PDF 692KB]
(Box 3) Impact of COVID-19 on Private Consumption [PDF 689KB]
(Box 4) Impact of COVID-19 on Price Changes [PDF 691KB]
(Box 5) Japan's Financial Conditions under the Impact of COVID-19 [PDF 680KB]
Apr. 28, 2020 April 2020 [PDF 2,019KB] (Box 1) Developments in Overseas Economies since the Outbreak of COVID-19 [PDF 700KB]
(Box 2) Developments in Japan's Economy since the Outbreak of COVID-19 [PDF 701KB]
(Box 3) Financial Conditions at Home and Abroad since the Outbreak of COVID-19 [PDF 791KB]
Jan. 22, 2020 January 2020 [PDF 1,609KB] (Box 1) Policy Mix Effects [PDF 665KB]
(Box 2) Developments in and Outlook for Exports by Type of Goods [PDF 697KB]
(Box 3) Background to the Recent Steady Business Fixed Investment [PDF 690KB]
(Box 4) Developments in Household Spending after the Consumption Tax Hike [PDF 763KB]

2019

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2019
Date Outlook Report Title
Nov. 1, 2019 October 2019 [PDF 1,175KB] (Box 1) Factors behind the Delay in the Timing of a Pick-Up in the Growth Pace of Overseas Economies [PDF 469KB]
(Box 2) Developments in Exports by Goods [PDF 504KB]
(Box 3) Export Conditions and Their Risk Assessment [PDF 511KB]
(Box 4) Steady Business Fixed Investment despite the Slowdown in Overseas Economies (1): Machinery and Software Investments as well as R&D Investment [PDF 481KB]
(Box 5) Steady Business Fixed Investment despite the Slowdown in Overseas Economies (2): Construction Investment [PDF 474KB]
(Box 6) Developments in Household Spending prior to the Consumption Tax Hike [PDF 493KB]
(Box 7) Developments in Inflation Expectations [PDF 503KB]
Jul. 31, 2019 July 2019 [PDF 1,161KB] (Box 1) Environment Surrounding Japan's Exports [PDF 498KB]
(Box 2) Developments in Household Spending prior to the Consumption Tax Hikes [PDF 497KB]
(Box 3) The Relationship between the Expansion in the Labor Force Participation of Women and Seniors and the Decline in the Propensity to Consume [PDF 541KB]
(Box 4) Recent Developments in the CPI mainly regarding Mobile Phone-Related Prices [PDF 544KB]
Apr. 26, 2019 April 2019 [PDF 1,246KB] (Box 1) Assessment of Current Export Conditions Based on Monitoring Indicators [PDF 491KB]
(Box 2) Decomposition of the Recent Decline in Real Exports [PDF 693KB]
(Box 3) Developments in the Chinese Economy and Fiscal and Monetary Policy Measures by the Chinese Authorities [PDF 467KB]
(Box 4) Developments in the Global Cycle for IT-Related Goods [PDF 553KB]
Jan. 24, 2019 January 2019 [PDF 1,274KB] (Box 1) Monitoring Indicators of Export Conditions [PDF 641KB]
(Box 2) Stock Adjustment Pressure on Business Fixed Investment [PDF 656KB]
(Box 3) Changes in Wages, Disposable Income, and the Propensity to Consume by Age Group [PDF 556KB]

2018

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2018
Date Outlook Report Title
Nov. 1, 2018 October 2018 [PDF 1,040KB] (Box 1) Impact of Uncertainties regarding Overseas Economies including Protectionist Moves [PDF 465KB]
(Box 2) Recent Developments in the Propensity to Consume [PDF 546KB]
Aug. 1, 2018 July 2018 [PDF 1,244KB] (Box 1) The Recent Increase in Labor Supply and Wage Developments [PDF 635KB]
(Box 2) Households' Tolerance of Price Rises [PDF 560KB]
(Box 3) Firms' Cautious Price-Setting Stance [PDF 476KB]
(Box 4) Recent Efforts by Firms to Raise Productivity [PDF 555KB]
(Box 5) Intensifying Competition and Sectoral Shocks [PDF 540KB]
(Box 6) Developments in Administered Prices and Housing Rent [PDF 534KB]
(Box 7) The Mechanism of Adaptive Inflation Expectation Formation [PDF 613KB]
Apr. 28, 2018 April 2018 [PDF 1,218KB] (Box 1) The Net Burden on Households around the Time of Consumption Tax Hikes [PDF 534KB]
(Box 2) The Impact of Exchange Rates on Real Exports [PDF 481KB]
(Box 3) The Background to Changes in the Labor Share [PDF 614KB]
Jan. 24, 2018 January 2018 [PDF 1,116KB] (Box 1) Recovery in the World Trade Volume and Developments in Japan's Exports [PDF 491KB]
(Box 2) Overview of Corporate Savings in Recent Years [PDF 541KB]
(Box 3) Background to the Increase in Corporate Savings and the Impact on Business Fixed Investment [PDF 484KB]

2017

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2017
Date Outlook Report Title
Nov. 1, 2017 October 2017 [PDF 2,339KB] (Box 1) Features of the Recent Developments in the Travel Balance [PDF 593KB]
(Box 2) Labor Force Participation of Women and Seniors [PDF 572KB]
(Box 3) Recent Rise in Upward Pressure of Costs on Prices [PDF 547KB]
Jul. 21, 2017 July 2017 [PDF 2,474KB] (Box 1) The Relationship between Labor Market Conditions and Wages in Recent Times [PDF 615KB]
(Box 2) Features of Japan's Labor Market and Macro-Level Wages [PDF 708KB]
(Box 3) Firms' Measures to Address the Labor Shortage and Their Relationship with Prices [PDF 679KB]
Apr. 28, 2017 April 2017 [PDF 2,953KB] (Box 1) The Revision to the Output Gap and the Potential Growth Rate [PDF 803KB]
(Box 2) Developments in Japan's TFP in Recent Years [PDF 560KB]
(Box 3) Wage Developments by Firm Size [PDF 541KB]
(Box 4) Recent Developments in the Mobile Phone Market and the CPI [PDF 548KB]
Feb. 1, 2017 January 2017 [PDF 2,632KB] (Box 1) Developments in Japan's Exports by Type of Goods [PDF 600KB]
(Box 2) Increase in Dual-Income Households [PDF 734KB]
(Box 3) Update: Frequency Spectrum Analysis of Private Consumption [PDF 553KB]
(Box 4) Inflation Expectations Formation and the Phillips Curve [PDF 619KB]

2016

Table: Boxes in "The Outlook for Economic Activity and Prices (Outlook Report)" 2016
Date Outlook Report Title
Nov. 2, 2016 October 2016 [PDF 2,537KB] (Box 1) Effects of a Policy Mix [PDF 616KB]
(Box 2) The Effects of a Heightening of Global Uncertainties on Trade Activity [PDF 592KB]
(Box 3) Marginal Propensity to Consume by Income Class [PDF 616KB]
(Box 4) Exchange Rates and Prices of Durable Goods [PDF 602KB]
Jul. 30, 2016 July 2016 [PDF 2,535KB] (Box 1) Effects of the Second Postponement of the Consumption Tax Hike on Real GDP [PDF 581KB]
(Box 2) Wage Negotiations and Inflation Expectations [PDF 642KB]
(Box 3) Frequency Spectrum Analysis of Private Consumption [PDF 618KB]
(Box 4) Developments in Administered Prices and Housing Rent in the CPI [PDF 617KB]
Apr. 29, 2016 April 2016 [PDF 2,502KB] (Box 1) Effects of the Consumption Tax Hikes on Real GDP [PDF 580KB]
(Box 2) Recent Developments in Business Fixed Investment by Enterprise Size [PDF 598KB]
(Box 3) Determinants of Wages, by Industry and Enterprise Size [PDF 597KB]
(Box 4) Weather Effects and Private Consumption [PDF 613KB]
(Box 5) Wealth Effects on Private Consumption [PDF 576KB]
Jan. 30, 2016 January 2016 [PDF 2,478KB] (Box 1) Effects of the Consumption Tax Hikes and the Introduction of the Reduced Tax Rate [PDF 594KB]
(Box 2) Recent Features of Business Fixed Investment [PDF 655KB]
(Box 3) Labor Market Conditions and Wages of Part-Time Employees [PDF 651KB]
(Box 4) Effects of Exchange Rates on the CPI [PDF 622KB]