Based on the various information as I just described, Japan’s economy is expected to return to a moderate recovery path from the second half of fiscal 2011. The Bank published the Outlook for Economic Activity and Prices (hereafter the Outlook Report) in late April and made an interim assessment in July.
Looking at the median of individual Policy Board members’ forecasts in the interim assessment, the year-on-year rate of increase in real GDP for fiscal 2011 is 0.4 percent. The figure is somewhat of a downward revision from the April 2011 Outlook Report.