bank in question is not yet prepared to provide estimates derived from its own experience. for a limited period, we also may be willing to consider conservative methodologies for allocating consolidated operational risk capital charges to the u. s. subsidiary. although we will do what we can to facilitate transition, let me be clear that, for both domestic and foreign banks, we expect that plans for full adoption will be complete within a relatively short period. moreover, any shortfalls in systems will have to be disclosed under pillar 3 ; and we reserve the right, under pillar 2, to require additional capital during the transition to full implementation. it was a difficult decision for the basel supervisors ’ committee to delay by one year, to 2008, the start date for implementation of the advanced approach while retaining the 2007 target for the other approaches. the delay reflected the realities that many banks that will be applying the advanced approach needed more time and that the requirements in the united states for public comment and review made it impossible for final u. s. rules to be promulgated before 2006. thus, the earlier start for the other approaches, along with the imposition of the 95 percent of basel i capital floor for that first year, 2007, seemed to all concerned to be a reasonable compromise, more practical than trying to hold to the original schedule for all banks or delaying the start date for approaches not permitted in the united states. under the circumstances, consistent with our agreement to have a single, worldwide start date for the advanced approach, the u. s. authorities do not see any opportunity for implementation of the advanced approach in the united states before 2008, regardless of any individual bank ’ s ability and readiness to do so.

0. 5 active job openings - to - applicants ratio ( left scale ) unemployment rate ( right scale ) cy20 08 0. 0 cy20 08 note : in the left ‐ hand chart, the number of corporate bankruptcies is that with debt over 10 million yen. sources : ministry of health, labour and welfare ; ministry of internal affairs and communications ; tokyo shoko research, ltd. chart 6 outlook for economic activity and prices as of july 2020 forecasts of the policy board members y / y % chg. fy 2020 forecasts made in april 2020 fy 2021 forecasts made in april 2020 fy 2022 forecasts made in april 2020 real gdp cpi ( all items less fresh food ) - 5. 7 to - 4. 5 [ - 4. 7 ] - 0. 6 to - 0. 4 [ - 0. 5 ] - 5. 0 to - 3. 0 - 0. 7 to - 0. 3 + 3. 0 to + 4. 0 [ + 3. 3 ] + 0. 2 to + 0. 5 [ + 0. 3 ] + 2. 8 to + 3. 9 0. 0 to + 0. 7 + 1. 3 to + 1. 6 [ + 1. 5 ] + 0. 5 to + 0. 8 [ + 0. 7 ] + 0. 8 to + 1. 6 + 0. 4 to + 1. 0 notes : 1. figures in brackets indicate the medians of the policy board members'forecasts ( point estimates ). 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 or 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. in the april outlook report, each policy board member made their forecasts as a range and submitted two figures ( i. e., the highest and lowest figures ) within the range of 1. 0 percentage point at most. the forecasts of the majority of the policy board members were shown as a range excluding four figures ‐ ‐ namely, the two highest figures and two lowest figures among the forecasts of the nine members. thus, it should be noted that the definition of the forecasts of the majority of the policy board members in the april