Source: Ministry of Internal Affairs and Communications.
8  Chart 9  Monetary Policy Responses and Developments in Real GDP after the Global Financial Crisis Real GDP  Policy Interest Rates 7 6  %  115  s.a., 2008/Q2=100  Japan 110  5  United States Euro area  4  105  United Kingdom  3  100  2 95 Japan  1 90  0 -1 CY 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17  United States Euro area  United Kingdom 85 CY 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17  Note: For Japan, for the period when no target interest rate was adopted, figures for the policy rate are the interest rate applied on excess reserves.