*  *  *  Introduction Semiannually in April and October, the Policy Board of the Bank of Japan decides the text of the Outlook for Economic Activity and Prices, or the Outlook Report as we call it, and releases it. This report describes the Bank's outlook for economic activity and prices which provides the basis for conducting monetary policy.
We decided to extend the projection period for the April issues of the Outlook Report by one year to two fiscal years, and hence the report released at the end of April 2005 covers the outlook for fiscal 2005 and 2006.