V.  The October 2015 outlook report  I have basically talked about the past thus far, but would now like to discuss the outlook for Japan’s economy in and after fiscal 2015, based on the recently released October 2015 Outlook Report.
The Bank’s baseline scenario of the outlook for economic activity – that is, the median of the Policy Board members’ forecasts of the real GDP growth rate – as in Chart 11, was 1.2 percent for fiscal 2015, 1.4 percent for fiscal 2016, and 0.3 percent for fiscal 2017.