2013-Sept. 2016  Inflation Rate  2  1.2  % Intercept  0.25  Slope (right axis)  After QQE with Yield Curve Control Oct. 2016-Dec. 2017  1  Introduction of Yield Curve Control (September 2016)  Introduction of QQE (April 2013)  0.8  0.20  0.4  0.15  0.0  0.10  -0.4  0.05  0 Oct. 1999-Mar.
2013 -1  -2 -8  -6  -4  -2  0  Output Gap (3-quarter lagged)  2  4 %  Notes: 1. Trend lines are determined as <Inflation Rate> = Intercept + Slope * <Output Gap [-3]>. 2. Inflation rate (vertical axis) shows year-on-year growth in the CPI (all items less fresh food and energy). 3.