Price Developments  BOJ's Price Forecasts CPI (All Items Less Fresh Food) <January 2020 Outlook Report> 2.5  y/y % chg. Price Stability Target (2%)  2.0 1.5  Fiscal 2019 +0.6%  1.0 Fiscal 2021 +1.4% 0.5 Fiscal 2020 +1.0% 0.0 -0.5 -1.0 FY 12  13  14  15  16  17  18  19  20  21  Note: Figures exclude the effects of the consumption tax hike in April 2014.
Forecasts are the medians of the Policy Board members' forecasts (point estimates). Sources: Ministry of Internal Affairs and Communications; Bank of Japan. Chart 13  III.