In the October monthly report, the Bank of Japan disclosed its views on recent economic and financial development that was "adjustments in economic activity are becoming more severe, as the substantial decline in production has a negative influence on employment and income conditions."
In April, the Bank published a half-yearly report  2  BIS Review 87/2001  called "Outlook and Risk Assessment of the Economy and Prices" which showed relatively harsh outlook at that point. But our views today are even more cautious than in April. The "baseline scenario" we had in April was as follows.