Q3  16/Q1  Q3  17/Q1  Q3  18/Q1  Q3  19/Q1  Q3  20/Q1  Q3  Chart 8  Outlook for Economic Activity and Prices as of April 2021 Forecasts of the Majority of Policy Board Members y/y % chg.  Real GDP  CPI (all items less fresh food)  +3.6 to +4.4  0.0 to +0.2  [+4.0]  [+0.1]  +3.3 to +4.0  +0.3 to +0.5  +2.1 to +2.5  +0.5 to +0.9  [+2.4]  [+0.8]  +1.5 to +2.0  +0.7 to +0.8  +1.2 to +1.5  +0.7 to +1.0  [+1.3]  [+1.0]  Fiscal 2021 Forecasts made in January 2021 Fiscal 2022 Forecasts made in January 2021 Fiscal 2023  Source: April 2021 Outlook for Economic Activity and Prices, Bank of Japan.
Notes: 1. Figures in brackets indicate the medians of the Policy Board members' forecasts (point estimates). 2. The forecasts of the majority of the Policy Board members are constructed as follows: each Policy Board member's forecast takes the form of a point estimate -- namely, the figure to which they attach the highest probability of realization.