Chart 9 compares developments in the inflation rate excluding those of fresh food and energy between Japan and the United States since 1995. The bold black line indicates an inflation rate of 2 percent and the gray bands show recession periods. In the United States, the inflation rate has been more or less at around 2 percent from 1995 to the present.
On the other hand, in contrast to the United States, the inflation rate in Japan moved in negative territory for most of the time during the period between the latter half of 1998 and early 2013. In 2013 onward, the inflation rate has turned positive, mainly due to the introduction of QQE, but remains distant from 2 percent.