At the Monetary Policy Meeting (MPM) held last week, the Bank of Japan updated its projections for Japan's economic activity and prices through fiscal 2024 and released them in the latest Outlook for Economic Activity and Prices (Outlook Report).
I mention this fact to address the concerns of some observers that recent revisions to the national income and product accounts have changed the evidence on post-1995 productivity growth. The last two annual revisions have indeed lowered output growth, but these adjustments followed several years of upward revisions.