What happened after the referendum on Brexit is a case in point. Therefore, we should monitor developments in overseas economies with both upside and downside risks in mind. 4  II. Price Developments and their Outlook Price Developments Next, I will talk about the price developments in Japan.
Almost four years have passed since the Bank introduced quantitative and qualitative monetary easing (QQE) in April 2013. During this period, Japan's price developments have improved considerably (Chart 7). Since autumn 2014, crude oil prices have declined significantly, pushing down consumer prices.