Based on the medians of the Policy Board members' forecasts for Japan's economy and inflation -- as shown in the Bank's Outlook for Economic Activity and Prices (Outlook Report) released on October 28, 2021 -- the real GDP growth rate is projected to be 3.4 percent for fiscal 2021, 2.9 percent for fiscal 2022, and 1.3 percent for fiscal 2023.
The year-on-year rate of increase in the CPI (less fresh food) is projected to be 0.0 percent in fiscal 2021, shifting to 0.9 percent in fiscal 2022 and 1.0 percent in fiscal 2023. Given this outlook, I think that the economy is far from stagflation, both now and down the road.