BIS Review 83/2009  11  Consolidated revenue surplus of 19 States as percentage of GDP has shown moderation in the RE of 2008-09, while it is budgeted to be wiped out and turn into deficit during 2009-10.
Thus, it should be noted that the definition of the forecasts of the majority of the Policy Board members in the April Outlook Report is different from that in the July Outlook Report. 4. Figures for CPI include the effects of the October 2019 consumption tax hike and policies concerning the provision of free education. Source: Bank of Japan.