state for prices and income ( households ) cy 07 manufacturing ( large and medium - sized firms ) manufacturing ( small and micro firms ) nonmanufacturing ( large and medium - sized firms ) nonmanufacturing ( small and micro firms ) not sure % note : in the left - hand and lower right - hand charts, figures are from the opinion survey on the general public's views and behavior ( those in the lower right - hand chart are from the march 2024 survey ). in the upper right - hand chart, figures are from the annex paper to the regional economic report, " results of the survey regarding corporate behavior since the mid - 1990s. " source : bank of japan. chart 9 [UNK]. price developments and structural changes in the labor market firms'outlook for output prices 5. 5 chg. from the current level, % 5. 0 4. 5 4. 0 1 year ahead 3. 5 5 years ahead 3. 0 2. 5 2. 0 1. 5 1. 0 0. 5 0. 0 - 0. 5 cy 14 note : based on the tankan. source : bank of japan. chart 10 [UNK]. price developments and structural changes in the labor market labor market 9, 000 ten thous. persons ← deflation → projection 8, 000 7, 000 6, 000 ( 1 ) aged 15 - 64 ( working - age population ) ( 2 ) employed persons 5, 000 3, 000 ( 1 ) - 2, 000 projection 1, 000 - 1, 000 fy 70 note : the projection for the working - age population is by the national institute of population and social security research. the projection for the number of employed persons is calculated based on projections by the japan institute for labour policy and training. sources : ministry of internal affairs and communications ; national institute of population and social security research ; japan institute for labour policy and training. chart 11 [UNK]. the bank's conduct of monetary policy plan for the reduction of the purchase amount of jgbs the concept of the plan for the reduction until march 2026 1. long - term interest rates : to be formed in financial markets in principle 2. jgb purchases : appropriate for the bank to reduce its purchase amount of jgbs in a predictable manner, while allowing enough flexibility to support stability in the jgb markets reduction in a predictable manner amount of monthly jgb purchases tril. yen ( approximate amount ) interim assessment 5. 7 5. 3 the bank's

jgb holdings in principle, the bank will reduce the planned amount of its monthly outright purchases of jgbs by about 400 billion yen each calendar quarter. 4. 9 4. 5 4. 1 3. 7 3. 3 2. 9 tril. yen roughly a 7 - 8 % decrease from april 2026 the bank will discuss a guideline in the interim assessment and announce the results. jul - 24 oct jan - 25 apr jul cy 13 14 15 16 17 18 19 20 21 22 23 24 25 26 oct jan - 26 apr allowing enough flexibility 1. the bank will conduct an interim assessment of the plan at the june 2025 mpm. 2. in the case of a rapid rise in long - term interest rates, the bank will make nimble responses by, for example, increasing the amount of jgb purchases. 3. the bank is prepared to amend the plan at the mpms, if deemed necessary. chart 12 [UNK]. the bank's conduct of monetary policy effects of the boj's jgb purchases sources of changes in 10 - year jgb yields effects of a decline in interest rates on the output gap, by maturity 2. 5 % - 0. 06 effects of boj's jgb holdings effects of setting the ycc range u. s. treasury yields other 10 - year jgb yields 2. 0 1. 5 - 0. 05 - 0. 04 1. 0 0. 5 larger impact of a decline in interest rates on the output gap - 0. 03 0. 0 - 0. 02 - 0. 86 % - 0. 5 - 0. 01 - 1. 0 - 1. 5 cy 05 elasticity 0. 00 years notes : 1. for details of the methodology, see box 6 of the april 2024 outlook report. 2. for details of the methodology, see appendix 8 in the comprehensive assessment released in september 2016. the chart shows the updated results in the april 2024 outlook report. source : bank of japan, " outlook for economic activity and prices ( april 2024 ). " chart 13 [UNK]. the bank's conduct of monetary policy real short - term interest rate ( 1 - year ) 1. 5 introduction of the negative introduction of qqe interest rate policy % termination of large - scale monetary easing introduction of ycc 1. 0 real interest rate policy interest rate 0. 5 0. 0 - 0. 5 - 1. 0 - 1. 5 - 2. 0 - 2