(SNA, real) 75 CY 18  19  20  21  22  0 CY 18  19  20  21  22  Notes: 1. In the left-hand chart, figures for the Consumption Activity Index (CAI) are based on staff calculations. The CAI figures (travel balance adjusted) exclude inbound tourism consumption and include outbound tourism consumption.
The figure for 2022/Q3 is that for July. "Disposable income, etc." consists of disposable income and adjustment for the change in pension entitlements. Real values are obtained using the deflator of consumption of households. 2. In the right-hand chart, the figure for 2022/Q3 is the July-August average. Sources: Bank of Japan; Cabinet Office; Japan National Tourism Organization (JNTO). 4  Chart 5  I.