3  The consumption tax rate in Japan is scheduled to increase from 5 percent to 8 percent in April 2014 and further to 10 percent in October 2015.
The hikes are expected to raise CPI-based inflation by about  4  BIS central bankers’ speeches  median of the Policy Board members’ forecasts is 0.7 percent for fiscal 2013, 1.3 percent for fiscal 2014, and 1.9 percent for fiscal 2015 (Chart 3).