These forecasts are then shown as a range, with the highest figure and the lowest figure excluded. The range does not indicate the forecast errors. 3. Each Policy Board member makes their forecasts taking into account the effects of past policy decisions and with reference to views incorporated in financial markets regarding the future conduct of policy. Source: Bank of Japan.
Chart 4  Contribution to Changes in Trading Gains and Losses 4  y/y chg., % points  3 2 1 0 -1 -2 -3  Other  Commodity prices, etc. Exchange rates  Trading gains/losses-real GDP ratio  -4 CY 07  09  11  13  15  17  19  21  Notes:1. The contribution of commodity prices, etc.