The direct effects of the "Go To Travel" campaign on the CPI are estimated to be minus 0.2 percentage point for fiscal 2020 and 0.2 percentage point for fiscal 2021. Source: Bank of Japan. 4  Chart 5  I. Developments in Economic Activity and Prices  Consumer Prices 4  y/y % chg.
5  Debelle G (2011), “In Defence of Current Account Deficits”, Address at ADBI/UniSA Workshop on Growth and Integration in Asia, Adelaide, 8 July. BIS central bankers’ speeches  5  Both of these two large changes in the composition of capital flows directly relate to the upheavals in global financial markets over the period.