Excluding "finance and insurance." Figures from 2009/Q2 onward exclude pure holding companies. Sources: Ministry of Economy, Trade and Industry; Bank of Japan; Ministry of Finance. 2  Chart 3  I. Economic Developments  The BOJ's Forecasts for Real GDP (October 2022 Outlook Report) 580  FY 2024 +1.5%  s.a., ann., tril.
In early May, we were expecting a decline of almost 20 per cent in total hours worked. It is also a smaller than the decline we have seen in many other countries. In Canada, for example, hours fell by 28 per cent and in the United States they fell by 19 per cent.