7  Chart 8  Effects of "Quantitative and Qualitative Monetary Easing" Corporate Profits  Unemployment Rate  s.a., %  7  6 Ratio of current profits to sales (all industries and enterprises)  6  s.a., %  5  5 4  4  3 2  3  1 0 CY 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17  2 CY00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17  Hourly Cash Earnings  Consumer Prices  y/y % chg.  2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0  2  y/y % chg.  1  Introduction of QQE (April 2013)  0 -1  10  11  12  13  14  15  16  -2 CY10  17  CPI (all items less fresh food and energy) CPI (all items less fresh food)  11  12  13  14  15  16  17  8  Sources: Ministry of Finance; Ministry of Internal Affairs and Communications; Ministry of Health, Labour and Welfare.
Chart 9  Inflation Expectations Contribution of Adaptive Component to Inflation Expectations  Synthetic Indicator of Inflation Expectations 2.0  y/y % chg. Beginning of a downtrend in Destabilization of financial crude oil markets amid Consumption prices concern about tax hike emerging Introduction of QQE economies  1.8 1.6  ▼ ▼▼  1.4  1.0 More adaptive 0.8  ▼  0.6 1.2 1.0 0.4 0.8 0.6 0.4 0.2 CY07  0.2 Synthetic indicator of firms', households', and economists' inflation expectations 0.0 08  09  10  11  12  13  14  15  16  Japan  U.S.  Euro area  U.K.