. 2. the forecasts of the majority of the policy board members are constructed as follows : each policy board member's forecast takes the form of a point estimate - - namely, the figure to which he / she attaches the highest probability of realization. these forecasts are then shown as a range, with the highest figure and the lowest figure excluded. the range does not indicate the forecast errors. 3. the cpi forecasts in this table are based on the previous 2015 - base index. source : bank of japan. chart 5 cash and deposits held by households japan united states tril. usd 1, 100 1, 050 3. 1 tril. 1, 000 usd tril. yen 37 tril. yen trend line for 2010 - 2019 trend line for 2010 - 2019 cy10 11 12 13 14 15 16 17 18 19 20 21 cy 10 11 12 13 14 15 16 17 18 19 20 21 note : the figures for the united states include mmf. sources : federal reserve ; haver ; bank of japan. chart 6 business fixed investment y / y % chg. private privatenonresidential nonresidentialinvestment investment ( sna, ( sna, nominal ) nominal ) tankan tankan ( planned ( plannedinvestment investmentinincurrent currentfiscal fiscalyear yearasasofofthe thejune junesurvey surveyofofeach eachyear ) year ) - 5 - 10 - 15 - 20 fy 06 note : the tankan figures include software and r & d investments and exclude land purchasing expenses. r & d investment is not included before the march 2017 survey. the figures are for enterprises of all sizes and in all industries including financial institutions. sources : cabinet office ; bank of japan. chart 7 the bank's measures in response to covid - 19 chart 8 fund - provisioning measure to support efforts on climate change from a central bank standpoint, the bank provides funds to financial institutions for investment or loans they make to address climate change based on their own decisions. amid the uncertain external environment, it can respond flexibility to changes in circumstances while avoiding direct involvement in micro - level resource allocation as much as possible. eligible counterparties eligible investment / loans • • financial institutions that disclose a certain level of information on their efforts to address climate change of the investment / loans made by counterparties as part of their efforts, those that contribute to japan's actions to address climate change terms and conditions • •

it affects the rate at which the economy can grow and thereby how rapidly our prosperity can increase. deciding factors for the speed at which the economy can grow are investment, labour supply and technology developments - e. g. machines becoming more modern or utilised more efficiently. labour supply, in particular, will affect the growth of the economy in future. if we use statistics sweden ’ s population forecast as a starting point, we can see that the population will increase up to 2009 by an average of 0. 5 per cent a year, which is slightly lower than the increase during the 1990s. thereafter the population will decline by an average of 0. 3 per cent a year. this forecast is relatively certain, compared with forecasts of economic activity. this means that population growth in the long term will undermine welfare. most other european countries share this problem - in most of the larger eu countries the population growth is expected to be even poorer than in sweden. however, this is no consolation - on the contrary, a poor development among our trading partners could cause further difficulties for our own economy. moreover, it is our own ambitions in welfare policy that should be put in relation to our growth capacity. the future age structure has great significance for labour supply and production. this is because labour force participation varies in different age groups. it is higher in the age group 25 - 54 years ( 87 per cent ) than in younger and older age groups. the age group 16 - 24 years studies more today than at the beginning of the 1990s. labour force participation for the oldest age group has also fallen over the past decade. one reason is that the retirement age from the labour market has been lowered and now the actual pension age amounts to 62 years. the only group that has increased its participation in the labour force in recent years is older women. this could be because those who are reaching a more advanced age today have a higher level of education than their predecessors. the age structure accentuates the problems. according to statistics sweden ’ s forecasts, the age group 20 - 64 years will need to support an increasing percentage of younger and older age groups. while the number of elderly people increases, the number of those between the ages of 20 and 64 will become an ever smaller percentage of the population. from having increased by almost one million during the years 1950 to 2000, they will now increase by only 70, 000 over the coming fifty years. this will increase the demands on the older population to participate in the labour force.