Note 1-48

48 In its biannual report published in April and October, "Outlook for Economic Activity and Prices" (the Outlook Report), the BOJ announced the forecast of the policy committee members for the consumer price index (excluding fresh food). The October 2004 report predicted that the consumer price index would increase slightly in FY2005. However, the April 2005 Outlook Report forecasted that the increase would be delayed until FY2006. The latter report stated that it was not clear whether or not the period covered by the report would be approaching the period in which the framework of quantitative easing policies will change. However, as long as the current economic and price forecast is realized, the probability of this change will grow gradually going into FY2006. Formerly, the April report included only forecasts for the current fiscal year, but from this fiscal year's April report, it was decided that forecasts for both the current and succeeding years would be announced (the October report has always announced forecasts for the succeeding year).