Note 1-17

17 The first and second years simulated in the model for the global economy and the macro-econometric model for the Japanese economy are 1974 and 1975 for the former, and 2000 and 2001 for the latter. Whereas the world economic model factors in the impact that changes in the world economy caused by the rise in crude oil prices would have on the Japanese economy, the Japanese economy macro-econometric model pertains to Japan alone. Of course, exchange rates are set within the models.