英語 での Outlook report の使用例とその 日本語 への翻訳
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In the Outlook Report, the Bank projected that the timing of the year-on-year rate of change in the CPI entering positive territory would likely be sometime in fiscal 2011, and that thereafter the rate of increase would start rising through fiscal 2012.
As shown in the Outlook Report, the Bank projects that Japan's economy is likely to continue on an expanding trend throughout the projection period-- that is, through fiscal 2021-- despite being affected by the slowdown in overseas economies for the time being Chart 5.
In Japan as well, as noted in the Outlook Report, together with the maintenance of appropriate monetary policy, the Bank's explanation of its thinking on the conduct of monetary policy in detail will contribute to smooth formation of prices in financial markets.
Based on the above outlook for economic activity and prices, members concurred that the Bank should clearly explain its basic thinking on the future conduct of monetary policy in the Outlook for Economic Activity and Prices hereafter the Outlook Report.
Some members said that it was necessary to thoroughly discuss the outlook for prices and strategy for communication to the public, including the points mentioned above, at the next Monetary Policy Meeting, at which the Outlook Report would be compiled.
Considering that it is becoming necessary to pay closer attention to the possibility that the momentum toward achieving the price stability target will be lost, the Bank will thoroughly reexamine economic and price developments at the next MPM, when it releases the Outlook Report.
The projection in the Outlook Report, which appears to be the desirable course of the economy, that is, sustainable growth under price stability, is based on the assumption that market participants and firms have been factoring in future policy changes to some extent when making their decisions.
The Bank, not only in the Monetary Policy Meeting to publish the Outlook Report but also in every Meeting decides on the conduct of monetary policy by examining the baseline scenario of the outlook for economic activity and prices as well as risk factors surrounding it based on available information.
Details on these factors are provided in the Outlook Report. Here, I will touch upon two issues with an important bearing on the direction of both overseas and domestic economies, that is, crude oil prices and demand for IT-related goods.
The Bank's April 2016 Outlook Report-- taking into consideration oil prices in the futures market, which reflect forecasts by market participants-- assumes that Dubai crude oil prices will rise moderately from the recent 35 U.S. dollars per barrel to the range of 45-50 dollars per barrel toward the end of the projection period, that is, fiscal 2018.
In the October 2013 Outlook Report, it was judged that the outlook for the year-on-year rate of change in the core CPI(excluding the direct effects of the consumption tax hikes) was expected to follow a rising trend and was likely to reach around 2 percent-- the price stability target-- toward the latter half of the projection period.
The Outlook Report released on October 29, 2010 projected that, in the second half of fiscal 2010, the pace of recovery was likely to slow owing to factors including the slowdown in overseas economies and the ending of the boost from policy measures targeted at durable consumer goods, as well as the recent appreciation of the yen.
Concurrently, in its Outlook Report for Economic Activity and Prices(Outlook Report), the Bank published its projections for Japan's economic activity and prices through fiscal 2016. Today, I will explain the background to and the thrust of the decision this time, as well as the Bank's recognition of and prospects for economic activity and prices.
Since there was a risk that the release of the October Outlook Report might create a situation where various speculations about the Bank's future conduct of monetary policy could easily arise, the government would like the Bank to carefully explain to market participants and the public that it would firmly continue with the current quantitative easing policy in overcoming deflation.
As I mentioned earlier, quoting the Outlook Report, the possibility of a change from the current framework of the quantitative easing policy will gradually increase over the course of fiscal 2006. In the actual process of changing the framework of the quantitative easing policy to an interest rate policy, we must go at a gradual pace, not in a rush.
Economic activity in the first half of fiscal 2007 seems to have been generally in line with the projection in the April 2007 Outlook for Economic Activity and Prices(hereafter the Outlook Report). The pace of improvement in the household sector, however, has remained slow relative to the strength in the corporate sector.
This member expressed the view that in the current situation it would be appropriate to explain clearly that aiming at a positive inflation rate target only through monetary policy would be unlikely to lead to sustainable price stability and sound development of the economy. This view could be explained in terms of the relationship between monetary policy and the outlook for the economy and prices in, for example, the Outlook Report.
As the Bank has emphasized its stance of achieving the price stability target of 2 percent at the earliest possible time, overly heightened expectations for additional monetary easing tend to be observed in financial markets whenever there is an expectation that the Outlook Report will present a delay in the projected timing of the year-on-year rate of change in the CPI(all items less fresh food) reaching around 2 percent.
Moreover, in the statement released on September 19, the Bank judged that it was becoming necessary to pay closer attention to the possibility that the momentum toward achieving the price stability target would be lost. Based on this judgment, it added an expression that, taking this situation into account, it would reexamine economic and price developments at the next MPM, when it will discuss the October Outlook Report.
The central bank also plans to reduce the number of policy meetings to eight times a year from the 14 currently, while increasing the number of economic outlook reports to four from two currently.