The real interest rate is calculated by subtracting the year-on-year rate of increase in the CPI (excluding fresh food and energy) from the yield on 10-year JGBs. Notes: 2. The potential growth rate is estimated by the Research and Statistics Department, Bank of Japan.
Sources: Ministry of Internal Affairs and Communications; Bloomberg; Cabinet Office; Bank of Japan; Ministry of Health, Labour and Welfare; Sources: Ministry of Economy, Trade and Industry; Research Institute of Economy, Trade and Industry.