Skip to main content

Highlights of the Outlook for Economic Activity and Prices (October 2023)

日本語

Infographic image showing 'Japan's economy is likely to continue recovering moderately.' For details, see the full text of the Highlights of the Outlook Report.

Japan's economy is likely to continue recovering moderately.

Japan's economy is likely to continue recovering moderately, supported by factors such as an increase in consumption, although it is expected to be pushed down by a slowdown in the pace of recovery in overseas economies.

Infographic image showing 'Underlying inflation is likely to increase gradually toward achieving the 2 percent target, while a virtuous cycle between wages and prices is needed.' For details, see the full text of the Highlights of the Outlook Report.

Underlying inflation is likely to increase gradually toward achieving the 2 percent target, while a virtuous cycle between wages and prices is needed.

Underlying CPI inflation is likely to increase gradually toward achieving the price stability target of 2 percent, while this increase needs to be accompanied by an intensified virtuous cycle between wages and prices.

Infographic image showing 'The Bank will continue with powerful monetary easing.' For details, see the full text of the Highlights of the Outlook Report.

The Bank will continue with powerful monetary easing.

The Bank aims to achieve the price stability target of 2 percent in a sustainable and stable manner, accompanied by wage increases. It will patiently continue with monetary easing, aiming to support Japan's economic activity and thereby facilitate a favorable environment for wage increases.

Infographic image showing 'There are high uncertainties for Japan's economic activity and prices.' For details, see the full text of the Highlights of the Outlook Report.

There are high uncertainties for Japan's economic activity and prices.

There are extremely high uncertainties surrounding Japan's economic activity and prices, including developments in overseas economic activity and prices, developments in commodity prices, and domestic firms' wage- and price-setting behavior. In addition, due attention is warranted on developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices.

Infographic image showing 'The Bank decided to further increase the flexibility in the conduct of yield curve control.' For details, see the full text of the Highlights of the Outlook Report.

The Bank decided to further increase the flexibility in the conduct of yield curve control.

The Bank decided to increase the flexibility in the conduct of yield curve control, so that long-term interest rates will be formed smoothly in financial markets in response to future developments.

Policy Board Members' Forecasts

  • Infographic image of a line graph showing the year-on-year rate of change in real GDP. Actual figures for the year-on-year rate of change in real GDP are -0.8% for fiscal 2019, -4.1% for fiscal 2020, +2.7% for fiscal 2021, and +1.4% for fiscal 2022. Forecasts are +2.0% for fiscal 2023, +1.0% for fiscal 2024, and +1.0% for fiscal 2025.
  • Infographic image of a line graph showing the year-on-year rate of change in the consumer price index for all items less fresh food. Actual figures for the year-on-year rate of change in the CPI are +0.6% for fiscal 2019, -0.4% for fiscal 2020, +0.1% for fiscal 2021, and +3.0% for fiscal 2022. Forecasts are +2.8% for fiscal 2023, +2.8% for fiscal 2024, and +1.7% for fiscal 2025.

Outlook for Economic Activity and Prices

For further details, please see "The Bank's View" and the full text of the Outlook for Economic Activity and Prices (Outlook Report) on the following pages: