dollar  110  thous.yen  30  Nikkei 225 (right scale)  25 20  90  0  15  70  -4 -8 CY 07  09  11  13  15  17  19  10  50 CY 07  21  5 09  11  Output Gap and Unemployment Rate 6  5  2  5  4  0  4  -2  3  4  Output gap (left scale)  -4 -6 CY 07  Unemployment rate (right scale) 09  11  13  15  17  19  13  15  17  19  21  Wages  %  %  35  Yen/U.S.
dollar (left scale)  21  y/y % chg. Base pay increase Scheduled cash earnings (full-time employees) Hourly scheduled cash earnings (part-time employees)  3 2 1  2  0  1  -1 FY 07  09  11  13  15  17  19  Note: Shaded area <I> denotes the period since the introduction of QQE (2013/Q2), <II> denotes the period since the introduction of QQE with Yield Curve Control (2016/Q3), and <III> denotes the period since the outbreak of COVID-19 (2020/Q1).