fy 2005 = 100 all industries accommodations, eating & drinking services accommodations, eating & drinking services construction construction retailing - 40 retailing " insufficient " - 20 " excessive " cy 05 06 07 08 09 10 11 12 13 14 15 16 17 fy 05 note : figures for the software investment plans for fiscal 2017 are forecasts from the september 2017 tankan survey. source : bank of japan. chart 9 qqe with yield curve control yield curve control inflation - overshooting commitment inflation rate 1. 2 % jgb yield curve 1. 0 0. 8 2 % 0. 6 0. 4 short - term policy interest rate " minus 0. 1 percent " target level of the long - term interest rate " around zero percent " 0. 2 0. 0 - 0. 2 - 0. 4 expansion of monetary base continues source : bloomberg. 0 1 2 3 4 5 6 7 8 9 10 15 20 year residual maturity chart 10 long - term real interest rate % introduction of qqe potential growth rate - 1 long - term real interest rate ( 10 - year jgb yields minus inflation expectations < 6 - 10 years ahead > ) - 2 fy 95 notes : 1. figures for inflation expectations ( y / y, ann. avg., % ) are from the " consensus forecasts. " those for the potential growth rate ( y / y % chg. ) are based on boj staff estimations. 2. figures for fiscal 2017 are those for 2017 / q2. sources : consensus economics inc., " consensus forecasts " ; bloomberg ; bank of japan. chart 11 bank lending rate % real bank lending rate ( bank lending rate minus the cpi < all items less fresh food > ) potential growth rate - 1 fy 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 notes : 1. figures for the bank lending rate are the average contract interest rate on new loans and discounts ( total ). the cpi figures ( y / y % chg. ) are adjusted for changes in the consumption tax rate. figures for the potential growth rate ( y / y % chg. ) are based on boj staff estimations. 2. figures for fiscal 2017 are those for 2017 / q2. sources : ministry of internal affairs and communications ; bank of japan. chart 12 corporate finance lending attitude of financial institutions ( tank

of real gdp growth by major economies ( as of october 2017 ) global real gdp growth y / y % chg. y / y % chg. imf projection world 3. 4 3. 2 advanced economies 2. 2 1. 7 united states 2. 9 1. 5 euro area 2. 0 1. 8 japan 1. 1 1. 0 4. 3 4. 3 china 6. 9 6. 7 asean 5 4. 9 4. 9 emerging market and developing economies - 1 cy 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 note : figures in parentheses in the right figure show differences from the projections as of july 2017 ( % points ). source : imf. [ projection ] [ projection ] 3. 6 3. 7 ( [UNK]. 1 ) ( [UNK]. 1 ) 2. 2 2. 0 ( [UNK]. 2 ) ( [UNK]. 1 ) 2. 2 2. 3 ( [UNK]. 1 ) ( [UNK]. 2 ) 2. 1 1. 9 ( [UNK]. 2 ) ( [UNK]. 2 ) 1. 5 0. 7 ( [UNK]. 2 ) ( [UNK]. 1 ) 4. 6 4. 9 ( 0. 0 ) ( [UNK]. 1 ) 6. 8 6. 5 ( [UNK]. 1 ) ( [UNK]. 1 ) 5. 2 5. 2 ( [UNK]. 1 ) ( 0. 0 ) chart 2 economic recovery in japan real gdp output gap s. a., ann., tril. yen % - 2 - 4 - 6 cy 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 - 8 cy00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 note : figures for output gap are based on boj staff estimations. sources : cabinet office ; bank of japan. chart 3 domestic demand corporate profits and business fixed investment s. a., % s. a., ann., tril. yen private consumption s. a., cy [UNK] cy05 06 07 08 09 10 11 12 13 14 15 16 17 cy 05 06 07 08 09 10 11 12 13 14 15 16 17 ratio of current profits to sales ( all industries and enterprises, left scale ) private nonresidential investment ( sna, real, right scale ) consumption activity index ( travel balance adjusted, real ) notes : 1. figures for corporate profits are based on the financial statements statistics of corporations by industry, quarterly.