D. Outlook for Prices in Japan Next, I will touch on the outlook for prices.
In the July 2020 Outlook Report, the forecasts of the majority of the Policy Board members for the year-on-year rate of change in the core CPI are in the range of minus 0.6 to minus 0.4 percent, 0.2 to 0.5 percent, and 0.5 to 0.8 percent for fiscal 2020, 2021, and 2022, respectively (Chart 6). The background to these forecasts is as follows.