In the October 2012 issue of the Outlook Report, the Bank’s median projection for Japan’s annual real GDP growth rate is 1.5 percent for fiscal 2012, 1.6 percent for fiscal 2013, and 0.6 percent for fiscal 2014. This projection takes into account the front-loaded increase in demand prior to the consumption tax hike and the subsequent decline.
To quote a little further from that poem: “No man is an Island, entire of itself; every man is a piece of the Continent, a part of the main…” This expression can be related not only to our personal lives, but lends itself particularly well to the world of financial markets and economics.