Note 1-47

47 (1) The most recently announced year-on-year growth rate in the consumer price index (nationwide, excluding fresh food) not only permits the conclusion that growth has been 0% or more in a single month, but also that it has been 0% or more in its the basic pattern of movement (specifically, determine by analyzing the average of several months). (2) The year-on-year rise in the consumer price index is not expected to be in negative figures again. Specifically, the majority the BOJ's policy committee members expect that the year-on-year rise in the consumer price index during the forecast period of the BOJ's report on "the Outlook Report" (= "Outlook for Economic Activity and Prices") will exceed 0% year-on-year. (3) Even if these conditions are fulfilled, there are instances, depending on economic and price conditions, where a continuation of quantitative easing policies would be judged to be appropriate.