June  Sept.  Dec.  Forecast  -18  Actual  months  -12  -6  0  +6  +12  Notes: 1. In the left chart, figures are for all industries including financial institutions. Figures include software and R&D investment and exclude land purchasing expenses. Notes: 2.
In the right chart, month 0 is the month in which the consumption tax rate was raised -- namely, April 2014 or October 2019. Figures are for the Consumption Activity Index (real, travel balance adjusted). Sources: Bank of Japan, etc. +18  3  Chart 4  I.