Today, I would like to talk about the Bank’s baseline scenario of the outlook for economic activity and prices through fiscal 2017 as well as risks to the scenario, as described in the October 2015 Outlook for Economic Activity and Prices (hereafter the Outlook Report). Accordingly, I also will present and explain my views. II.
Japan’s medium-term outlook for economic activity and risk assessment  Let me begin with Japan’s economic activity. A.