2  Chart 3  Monetary Policy Responses and Developments in Real GDP after the Global Financial Crisis Real GDP  Policy Interest Rates 7 6  %  115  s.a., 2008/Q2=100  Japan 110  United States 5 Euro area 4  105  United Kingdom  3  100  2 95 Japan  1 90  0 -1 CY 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17  United States Euro area  United Kingdom 85 CY 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17  Note: For Japan, for the period when no target interest rate was adopted, figures for the policy rate are the interest rate applied on excess reserves.
In terms of economic activity in major economies, following rather weak readings at the start of the year, both the services and manufacturing sectors are showing signs of a modest pickup, which is expected to continue. This improvement is broad based with the main exception being Japan.