Source: Ministry of Internal Affairs and Communications. 1  Chart 2  I. Chronic Deflation and QQE  Natural Rate of Interest 5  % Potential growth rate  4  R* in the DSGE Model R* estimated based on Laubach and Williams (2003)  3  R* estimated based on Imakubo et al.
(2015) 2  R* estimated based on the HP Filter  1  0  -1  -2 CY85  87  89  91  93  95  97  99  01  03  05  07  09  11  13  15  17  Notes: 1.