Sources: Ministry of Health, Labour and Welfare; Ministry of Internal Affairs and Communications; Tokyo Shoko Research, Ltd.  20  Chart 6  Outlook for Economic Activity and Prices as of July 2020 Forecasts of the Policy Board Members y/y % chg. FY 2020 Forecasts made in April 2020  FY 2021 Forecasts made in April 2020  FY 2022 Forecasts made in April 2020  Real GDP  CPI (all items less fresh food)  -5.7 to -4.5 [-4.7]  -0.6 to -0.4 [-0.5]  -5.0 to -3.0  -0.7 to -0.3  +3.0 to +4.0 [+3.3]  +0.2 to +0.5 [+0.3]  +2.8 to +3.9  0.0 to +0.7  +1.3 to +1.6 [+1.5]  +0.5 to +0.8 [+0.7]  +0.8 to +1.6  +0.4 to +1.0  Notes: 1.
Figures in brackets indicate the medians of the Policy Board members' forecasts (point estimates). 2. The forecasts of the majority of the Policy Board members are constructed as follows: each Policy Board member's forecast takes the form of a point estimate ‐‐ namely, the figure to which he or she attaches the highest probability of realization.