0 1 year  2  3  4  5  6  7  8  9 10 15 20  30  40  Residual maturity  10  Nominal and Real Interest Rates (the Most Recent) (1) Short-term (overnight)  Inflation Expectations  3  %  Real Interest Rates  （≒Observed Inflation Rates)  Nominal Interest Rates 3  %  3  2  2  2  1  1  1  0  0  0  -1  -1  -1  -2  -2  -2  Japan  Japan  United States  Chart 11  %  United States  Japan  United States  (2) Long-term (10-year) Inflation Expectations  Nominal Interest Rates 3  %  3  %  Real Interest Rates 3  2  2  2  1  1  1  0  0  0  -1  -1  -1  -2  -2 Japan  United States  %  -2  Japan  United States  Japan  United States  Notes: 1.
Figures are those of April 2017. Figures for observed inflation rates are the CPI (all items less fresh food and energy) for Japan and the PCE deflator (all items less food and energy) for the United States. 2. Figures for long-term inflation expectations are 6-10 years ahead expectations in the "Consensus Forecasts."