On this front, the BOJ has recently upgraded its web site and created a new section on its top page titled “Price Stability Target of 2 percent and Quantitative and Qualitative Monetary Easing” in order to enhance accessibility to relevant documents.
Based on these underlying assumptions and a modest turnaround in the energy sector, the Central Bank’s projection is for real GDP growth of around 1.5 per cent in 2012, although the balance of risks are tilted on the downside. Let me elaborate a bit on this projection.