6  Chart 5  Japan's Inflation Expectations y/y % chg.  3.0  Consensus forecasts  2.5  5-year, 5-year forward inflation swap rate  2.0  1.5  1.0  0.5  0.0  -0.5  -1.0 CY 90  91  92  93  94  95  96  97  98  99  00  01  02  03  04  05  06  07  08  09  10  11  12  13  14  15  16  17  Note: Figures for consensus forecasts are the expectations for the CPI 6-10 years ahead and are based on the "Consensus Forecasts."
Following a sharp drop in real GDP of 3.6% in the first quarter of the year, a much larger contraction is expected in the second quarter, with Eurosystem staff projections seeing a fall of 13%.