The medians of the Policy Board members’ forecasts for the real GDP growth rates are also indicated in the January Outlook Report, and those for fiscal 2015, 2016, and 2017 are 1.1 percent, 1.5 percent, and 0.3 percent, respectively (Chart 3). Price developments in Japan and the outlook Let me now turn to price developments in Japan.
That is good news because growth in labor productivity generates growth in real wages of workers and thus raises our nation’s overall standard of living. Strong growth in productivity also has been an element in the low rates of core consumer price inflation in recent years.