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日本銀行 Bank of Japan

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日本銀行 Bank of Japan

Monetary Policy

Outlook for Economic Activity and Prices

日本語

The Bank decides the text of the Outlook for Economic Activity and Prices (Outlook Report) at the Monetary Policy Meetings (MPMs) and releases it quarterly (usually in January, April, July, and October)note 1. The Outlook Report presents the Bank's outlook for developments in economic activity and prices, assesses upside and downside risks, and outlines its views on the future course of monetary policy.

  1. Notes 1: The Outlook Report may be released at the beginning of the months following those listed above depending on schedule adjustments.
  2. 2: Through 2015, at the April and October MPMs, the Bank decided the text of the Outlook Report and released the report semiannually. At the January and July MPMs, the Bank made interim assessments of the outlook laid out in the latest Outlook Report based on the developments in economic activity and prices after the release of the report. Each interim assessment is included in the statement on monetary policy released after the relevant MPM.
  3. 3: The Outlook Report was formerly "Outlook and Risk Assessment of the Economy and Prices."

Outlook for Economic Activity and Prices

Table : Outlook for Economic Activity and Prices1
DateTitle
Aug.  1, 2025July 2025 (full text) [PDF 1,749KB]
July 31, 2025July 2025 (The Bank's View) [PDF 325KB]
May   2, 2025April 2025 (full text) [PDF 1,839KB]
May   1, 2025April 2025 (The Bank's View) [PDF 394KB]
Jan. 27, 2025January 2025 (full text) [PDF 1,945KB]
Jan. 24, 2025January 2025 (The Bank's View) [PDF 326KB]
Nov.  1, 2024October 2024 (full text) [PDF 1,773KB]
Oct. 31, 2024October 2024 (The Bank's View) [PDF 390KB]
Aug.  1, 2024July 2024 (full text) [PDF 1,620KB]
July 31, 2024July 2024 (The Bank's View) [PDF 313KB]
Apr. 30, 2024April 2024 (full text) [PDF 1,809KB]
Apr. 26, 2024April 2024 (The Bank's View) [PDF 379KB]
Jan. 24, 2024January 2024 (full text) [PDF 1,588KB]
Jan. 23, 2024January 2024 (The Bank's View) [PDF 320KB]
Nov.  1, 2023October 2023 (full text) [PDF 1,647KB]
Oct. 31, 2023October 2023 (The Bank's View) [PDF 382KB]
July 31, 2023July 2023 (full text) [PDF 1,524KB]
July 28, 2023July 2023 (The Bank's View) [PDF 317KB]
May   1, 2023April 2023 (full text) [PDF 1,801KB]
Apr. 28, 2023April 2023 (The Bank's View) [PDF 382KB]
Jan. 19, 2023January 2023 (full text) [PDF 1,493KB]
Jan. 18, 2023January 2023 (The Bank's View) [PDF 424KB]
Oct. 31, 2022October 2022 (full text) [PDF 1,549KB]
Oct. 28, 2022October 2022 (The Bank's View) [PDF 486KB]
July 22, 2022July 2022 (full text) [PDF 1,491KB]
July 21, 2022July 2022 (The Bank's View) [PDF 420KB]
May   2, 2022April 2022 (full text) [PDF 1,727KB]
Apr. 28, 2022April 2022 (The Bank's View) [PDF 487KB]
Jan. 19, 2022January 2022 (full text) [PDF 1,686KB]
Jan. 18, 2022January 2022 (The Bank's View) [PDF 420KB]
Oct. 29, 2021October 2021 (full text) [PDF 1,604KB]
Oct. 28, 2021October 2021 (The Bank's View) [PDF 485KB]
July 19, 2021July 2021 (full text) [PDF 1,617KB]
July 16, 2021July 2021 (The Bank's View) [PDF 415KB]
Apr. 28, 2021April 2021 (full text) [PDF 1,926KB]
Apr. 27, 2021April 2021 (The Bank's View) [PDF 480KB]
Jan. 22, 2021January 2021 (full text) [PDF 1,353KB]
Jan. 21, 2021January 2021 (The Bank's View) [PDF 305KB]
Oct. 30, 2020October 2020 (full text) [PDF 1,736KB]
Oct. 29, 2020October 2020 (The Bank's View) [PDF 365KB]
July 16, 2020July 2020 (full text) [PDF 1,601KB]
July 15, 2020July 2020 (The Bank's View) [PDF 295KB]
Apr. 28, 2020April 2020 (full text) [PDF 2,019KB]
Apr. 27, 2020April 2020 (The Bank's View) [PDF 366KB]
Jan. 22, 2020January 2020 (full text) [PDF 1,609KB]
Jan. 21, 2020January 2020 (The Bank's View) 
Nov.  1, 2019October 2019 (full text) [PDF 1,175KB]
Oct. 31, 2019October 2019 (The Bank's View) 
July 31, 2019July 2019 (full text) [PDF 1,161KB]
July 30, 2019July 2019 (The Bank's View) 
Apr. 26, 2019April 2019 (full text) [PDF 1,246KB]
Apr. 25, 2019April 2019 (The Bank's View) 
Jan. 24, 2019January 2019 (full text) [PDF 1,274KB]
Jan. 23, 2019January 2019 (The Bank's View) 
Nov.  1, 2018October 2018 (full text) [PDF 1,040KB]
Oct. 31, 2018October 2018 (The Bank's View) 
Aug.  1, 2018July 2018 (full text) [PDF 1,244KB]
July 31, 2018July 2018 (The Bank's View) 
Apr. 28, 2018April 2018 (full text) [PDF 1,218KB]
Apr. 27, 2018April 2018 (The Bank's View) 
Jan. 24, 2018January 2018 (full text) [PDF 1,116KB]
Jan. 23, 2018January 2018 (The Bank's View) 
Nov.  1, 2017October 2017 (full text) [PDF 2,339KB]
Oct. 31, 2017October 2017 (The Bank's View) [PDF 264KB]
July 21, 2017July 2017 (full text) [PDF 2,474KB]
July 20, 2017July 2017 (The Bank's View) [PDF 263KB]
Apr. 28, 2017April 2017 (full text) [PDF 2,953KB]
Apr. 27, 2017April 2017 (The Bank's View) [PDF 256KB]
Feb.  1, 2017January 2017 (full text) [PDF 2,632KB]
Jan. 31, 2017January 2017 (The Bank's View) [PDF 248KB]
Nov.  2, 2016October 2016 (full text) [PDF 2,537KB]
Nov.  1, 2016October 2016 (The Bank's View) [PDF 229KB]
July 30, 2016July 2016 (full text) [PDF 2,535KB]
July 29, 2016July 2016 (The Bank's View) [PDF 246KB]
Apr. 29, 2016April 2016 (full text) [PDF 2,502KB]
Apr. 28, 2016April 2016 (The Bank's View) [PDF 262KB]
Jan. 30, 2016January 2016 (full text) [PDF 2,478KB]
Jan. 29, 2016January 2016 (The Bank's View) [PDF 264KB]
Oct. 31, 2015October 2015 (full text) [PDF 1,393KB]
Oct. 30, 2015October 2015 (The Bank's View) [PDF 162KB]
May   1, 2015April 2015 (full text) [PDF 1,370KB]
Apr. 30, 2015April 2015 (The Bank's View) [PDF 96KB]
Nov.  1, 2014October 2014 (full text) [PDF 1,148KB]
Oct. 31, 2014October 2014 (The Bank's View) [PDF 92KB]
May   1, 2014April 2014 (full text) [PDF 1,149KB]
Apr. 30, 2014April 2014 (The Bank's View) [PDF 90KB]
Nov.  1, 2013October 2013 (full text) [PDF 1,008KB]
Oct. 31, 2013October 2013 (The Bank's View) [PDF 68KB]
Apr. 27, 2013April 2013 (full text) [PDF 980KB]
Apr. 26, 2013April 2013 (The Bank's View) [PDF 63KB]
Oct. 31, 2012October 2012 (full text) [PDF 1,525KB]
Oct. 30, 2012October 2012 (The Bank's View) [PDF 171KB]
Apr. 28, 2012April 2012 (full text) [PDF 5,960KB]
Apr. 27, 2012April 2012 (The Bank's View) [PDF 69KB]
Oct. 28, 2011October 2011 (full text) [PDF 2,843KB]
Oct. 27, 2011October 2011 (The Bank's View) [PDF 84KB]
Apr. 29, 2011April 2011 (full text) [PDF 1,886KB]
Apr. 28, 2011April 2011 (The Bank's View) [PDF 77KB]
Oct. 29, 2010October 2010 (full text) [PDF 1,159KB]
Oct. 28, 2010October 2010 (The Bank's View) [PDF 164KB]
May   1, 2010April 2010 (full text) [PDF 1,236KB]
Apr. 30, 2010April 2010 (The Bank's View) [PDF 146KB]
Nov.  2, 2009October 2009 (full text) [PDF 1,154KB]
Oct. 30, 2009October 2009 (The Bank's View) [PDF 49KB]
May   1, 2009April 2009 (full text) [PDF 1,001KB]
Apr. 30, 2009April 2009 (The Bank's View) [PDF 136KB]
Nov.  4, 2008October 2008 (full text) [PDF 871KB]
Oct. 31, 2008October 2008 (The Bank's View) [PDF 121KB]
May   1, 2008April 2008 (full text) [PDF 939KB]
Apr. 30, 2008April 2008 (The Bank's View) [PDF 75KB]
Table : Outlook for Economic Activity and Prices2
DateThe Bank's ViewFull Text
Oct. 31, 2007October 2007 [PDF 797KB]
Apr. 27, 2007April 2007 [PDF 858KB]
Oct. 31, 2006October 2006 [PDF 780KB]
Apr. 28, 2006April 2006 [PDF 900KB]
Oct. 31, 2005October 2005 [PDF 613KB]
Apr. 28, 2005April 2005 [PDF 667KB]
Oct. 29, 2004October 2004 [PDF 454KB]
Apr. 28, 2004April 2004 [PDF 357KB]
Oct. 31, 2003October 2003 [PDF 222KB]
Apr. 30, 2003April 2003 [PDF 171KB]
Oct. 30, 2002October 2002 [PDF 54KB]
Apr. 30, 2002April 2002 
Oct. 29, 2001October 2001 
Apr. 26, 2001April 2001 
Oct. 31, 2000October 2000 

Boxes in the Outlook Report

The boxes in the Outlook Report present analyses of important topical issues. A list of boxes published in previous reports (from 2016 onward) is provided on the following page:

Highlights of the Outlook Report

The highlights of previous reports (from January 2023 onward) are provided on the following page:

Notices of Changes and Corrections

Notices of Changes

July 21, 2017
Change in the layout of the Outlook for Economic Activity and Prices 
Apr.  6, 2005
Extension of the Projection Period in the Outlook for Economic Activity and Prices 
Oct. 13, 2000
Release of Outlook and Risk Assessment of the Economy and Prices 

Notices of Corrections

Oct. 21, 2014
Correction to a Reference Chart in the "Outlook for Economic Activity and Prices" (April 2014) 
Nov. 16, 2012
Correction in "Outlook for Economic Activity and Prices" (October 2012) 

Monthly Report of Recent Economic and Financial Developments

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