The forecasts of the majority of the Policy Board members were shown as a range excluding four figures ‐‐ namely, the two highest figures and two lowest figures among the forecasts of the nine members.
Thus, it should be noted that the definition of the forecasts of the majority of the Policy Board members in the April Outlook Report is different from that in the July Outlook Report. 4. Figures for CPI include the effects of the October 2019 consumption tax hike and policies concerning the provision of free education. Source: Bank of Japan.