Chart 2 Marked Decline in Nominal and Real Interest Rates Introduction of QQE (April 2013)  % 3  2  1  0  Nominal interest rate (10-year JGBs) (a) Inflation expectations of economists (b) Inflation expectations of market participants (c) Real interest rate (a-b) Real interest rate (a-c)  -1  2017  2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  CY  2000  -2  Note: Figures for inflation expectations of economists are the average of expectations for six to ten years ahead, taken from the Consensus Forecasts.
D.  Outlook for prices  Regarding the outlook for prices, in the October 2014 Outlook Report, I formulated a proposal to change the expression that the year-on-year rate of increase in the CPI is likely to reach around 2 percent in or around fiscal 2015. Since then, I have maintained a more cautious view than the forecast in the Bank’s baseline scenario.