Figures exclude the effects of the consumption tax hikes. Sources: Ministry of Internal Affairs and Communications; Bank of Japan. 7  Chart 8  III.
The Bank's Conduct of Monetary Policy  Level of Economic Activity in Japan and Outflow of Income Real GDP of Japan, the U.S., and the Euro Area 105  2022/Q2  s.a., CY 2019 = 100  Import Values of Crude Oil, Etc. 10  ratio to nominal GDP, %  s.a., tril.