This report, to be published twice a year, presents a baseline scenario of Japan's economy for the coming one to two years as envisaged by the Bank's Policy Board members, and also gives their assessment of various risk factors.
As a result, 12-month changes in the overall personal consumption expenditure (PCE) price index have recently been only a little above zero (chart 1). The past year’s energy price declines ought to be largely a one-off event (chart 2).