12  BIS central bankers’ speeches  Chart 2  The Bank of Japan’s Economic and Price Forecasts (1) Real GDP 6  y/y % chg. Foreca sts ma de in Apr.
2012  5 4  Foreca sts ma de in Ja n. 2012  2.3  3  2.0 1.7  1.6  2 1 0  -0.2  -1  -0.4  -2 -3 -4  FY 02  03  04  05  06  07  08  09  10  11  12  13  11  12  13  (2) CPI (all items less fresh food) y/y % chg. 1.5 Forecasts made in Apr.