Shaded areas denote recession periods. 2. Based on Bank staff calculations. The figure for 2023/Q1 is that for January. Sources: Ministry of Finance; Bank of Japan.
Chart 4  Household Sector in Japan Private Consumption  Consumption Activity Index (CAI, Real)  s.a., CY 2015=100  110  s.a., 2017/Q1=100  s.a., 2017/Q1=100  105  115 110  100  105  105  95  100  100  90 95  95 85  90  90  80  Consumption Activity Index (travel balance adjusted, real)  85  85  75  80 CY 12  13  14  15  16  17  18  19  20  21  22  Note: Figures for the Consumption Activity Index (CAI) are based on Bank staff calculations.