Government policies can also influence the attractiveness of remaining in the workforce. For example, to raise participation rates among older individuals, policymakers could seek ways to preserve or enhance the incentives to work beyond traditional retirement ages. Government policies could also be designed to make work more attractive to other demographic groups.
Financial and Economic Developments  Outlook for Economic Activity and Prices (January 2019 Outlook Report) the medians of the Policy Board members' forecasts, y/y % chg.  Real GDP  CPI (all items less fresh food)  (Reference) Excluding the effects of the consumption tax hike and policies concerning the provision of free education  Fiscal 2018  +0.9  +0.8  Forecasts made in October 2018  +1.4  +0.9  Fiscal 2019  +0.9  +1.1  +0.9  Forecasts made in October 2018  +0.8  +1.6  +1.4  Fiscal 2020  +1.0  +1.5  +1.4  Forecasts made in October 2018  +0.8  +1.6  +1.5  Note: The direct effect of the consumption tax hike on the CPI for fiscal 2019 and fiscal 2020 is estimated to be 0.5 percentage point for each year.