17 18  Yen depreciation  105  2,300 100 Sep. 17  103 Dec. Mar. 18  Jun. Sep.  6 12 18 0 6 12 18 0 6 12 18  Dec.  o'clock  Jan. 2  Jan. 3  Jan. 4  Sources: Bloomberg; Thomson Reuters. 1  Chart 2  I.
Financial and Economic Developments  Japan's Economy Real GDP 540  Output Gap  s.a., ann., tril. yen  4  % Excess demand  2 520 0  500  -2  -4 480 -6  460 CY 08  09  10  11  12  13  14  Note: The output gap is based on BOJ staff estimations.