y / y, % ) money stock ( m2, y / y, % ) bank lending ( y / y, % ) tax revenue ( tril. yen ) fy 2013 to 2019 change fy 2013 to present change 500. 8 543. 3 + 42. 5 541. 9 + 41. 1 522. 5 541. 5 + 19. 1 543. 5 + 21. 0 54. 30 57. 92 + 3. 62 58. 56 + 4. 26 - 0. 3 + 0. 5 + 0. 7 + 0. 5 + 0. 8 - 0. 8 + 0. 5 + 1. 3 + 0. 5 + 1. 3 + 2. 4 + 3. 3 + 0. 9 + 4. 0 + 1. 6 - 1. 8 + 2. 4 + 4. 2 + 2. 6 + 4. 4 45. 9 55. 8 + 9. 9 58. 6 + 12. 8 note : figures for cpi inflation exclude the effects of the consumption tax hikes, etc. those for nominal wages from fiscal 2016 onward are based on continuing observations following the sample revisions. those for money stock prior to fiscal 2004 are from former series ( m2 + cds ). the figure for tax revenue for fiscal 2022 is on a budgeted basis. changes indicate the difference from the period from fiscal 1998 to 2012. all of the latest figures are those available as of january 31, 2023. sources : cabinet office ; ministry of internal affairs and communications ; ministry of health, labour and welfare ; bank of japan ; ministry of finance. chart 13 ii. monetary policy : achievements and discussions since 2013 economic and price developments under the qqe population growth and per capita gdp growth decomposition of economic growth ( a ) ( b ) total gdp = population × ( c ) ( d ) employed total hours gdp persons worked × × total hours total employed worked population persons real gdp per capita ( cy 1961 - 2021 average, y / y % chg. ) gdp per capita real, average, % gdp gdp per total population capita ( a ) employed hours gdp per persons / worked hour total per person worked population ( b ) ( c ) ( d ) 1990s 1. 6 0. 3 1. 3 0. 1 - 1. 2 2. 4 2000s 0. 5 0. 1 0. 4 - 0. 2 - 0. 5 1. 0 2010s 1. 2 - 0. 1 1. 3

policy – which were put in place to respond to the showa depression of 1930 – 31. looking back at economic developments around that time, the 1920s were a period of persistent depression following the economic boom during world war i, the great kanto earthquake of 1923, and the showa financial crisis of 1927. then, in 1930, junnosuke inoue – finance minister under prime minister osachi hamaguchi – returned japan to the gold standard, lifting the gold embargo that had been in place since world war i. japan ’ s return to the gold standard meant a shift to a deflationary regime, with current deficits and price declines as a result of tight fiscal and monetary policies. in addition, in returning to the gold standard inoue set the exchange rate between gold and the yen at its former level, which was equivalent to excessive appreciation of the yen. all of this served to produce a deflationary recession in japan. in addition to these developments, the spillover of the great depression in 1929 into the domestic economy was regarded as the central cause of the showa depression. bis central bankers ’ speeches against this background, in 1931 takahashi assumed the post of finance minister for the fifth time in his career. under prime minister tsuyoshi inukai, he implemented a package of accommodative macroeconomic policies combining fiscal and monetary policies. this became known as the takahashi economic policy. on the first day of his return to office, he took the dramatic step of ordering an exit from the gold standard and a restoration of the gold embargo. as a result, foreign exchange rates became able to move in tandem with actual developments in the economy. in terms of fiscal policy, he increased fiscal expenditures, supporting the economy from the demand side. on the monetary policy front, the bank pursued accommodative measures by cutting its official discount rate and underwriting japanese government securities directly from the government. the takahashi economic policy – combining fiscal, monetary, and exchange policies effectively – led to the adjustment of the yen ’ s excessive appreciation and counteracted declining price levels. as a result, among the major world powers, japan became the first to succeed in achieving an economic recovery and escape from deflation during that period. the key to the takahashi economic policy ’ s success was a shift in economic policymaking from the deflationary regime of inoue to the reflationary one of takahashi. this overcame the public ’ s deflationary expectations,