yen  95  110  Private nonresidential investment (SNA, real)  90  Private Consumption  Inbound Tourism Demand  s.a., CY 2011=100 Consumption Activity Index (travel balance adjusted, real)  108 106  25  80  104  20  75  102  15  70  100  10  65  98  5  07  09  11  13  15  96 CY09 10 11 12 13 14 15 16 17 18 19  17  Number of foreign visitors to Japan  30  85  60 CY05  s.a., ann., mil.
persons  35  0 CY 10 11 12 13 14 15 16 17 18 19  Notes: 1. In the middle chart, figures for the Consumption Activity Index exclude inbound tourism consumption and include outbound tourism consumption. 2. In the right chart, seasonally adjusted figures are BOJ staff estimates. Sources: Cabinet Office; Bank of Japan; JAPAN NATIONAL TOURISM ORGANIZATION, etc.