% chg. 1. 5 all items less fresh food and energy 1. 0 0. 5 0. 0 [UNK] 0. 5 all items less fresh food [UNK] 1. 0 cy 13 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 source : ministry of internal affairs and communications. note : figures are adjusted for changes in the consumption tax rate. chart 10 output gap 1. 5 % excess demand ( upward pressure on prices ) 1. 0 0. 5 0. 0 [UNK] 0. 5 [UNK] 1. 0 [UNK] 1. 5 excess supply ( downward pressure on prices ) [UNK] 2. 0 13 / 1q 3q 14 / 1q 3q 15 / 1q 3q 16 / 1q 3q 17 / 1q 3q source : bank of japan. note : based on staff estimations. chart 11 inflation expectations ( survey ) y / y, ann. avg., % 2. 5 firms ( five years ahead ) 2. 0 1. 5 households ( over the next five years ) 1. 0 0. 5 0. 0 cy 05 source : bank of japan. notes : 1. figures for households are from the opinion survey on the general public's views and behavior, estimated using the modified carlson - parkin method. 2. figures for firms are " outlook for general prices ( tankan, all industries and enterprises, average ). " chart 12 outlook for price levels results of the 72nd opinion survey on the general public's views and behavior ( december 2017 survey ) % " prices " will go up one year from now " prices " will go up over the next five years 2013 / mar. sept. 14 / mar. sept. 15 / mar. sept. 16 / mar. sept. 17 / mar. sept. source : bank of japan. note : figures for both one year from now and over the next five years comprise the choices " will go up significantly " and " will go up slightly " that are found in the questionnaire. chart 13 balance sheet of nonfinancial corporations tril. yen cash and deposits [UNK] 200 [UNK] bills and accounts receivables [UNK] 200 [UNK] loans [UNK] 300 [UNK] corporate bonds [UNK] 60 [UNK] liabilities [UNK] 1, 000 [UNK] real assets ( including inventories ) assets [UNK] 1, 650 [UNK] [UNK] 600 [UNK] accounts payable and accrued expenses, etc. [UNK] 640 [UNK] capital stock, etc. investments [UNK] 250 [UNK] [UNK]

the economy has been expanding. the economy has been expanding. kinki the economy has been expanding moderately. the economy has been expanding moderately, with its growth becoming more solid. chugoku the economy has been expanding moderately. the economy has been expanding moderately. shikoku the economy has continued to recover moderately. the economy has continued to recover moderately. kyushuokinawa the economy has been expanding moderately. the economy has been expanding moderately. source : bank of japan. chart 7 labor market conditions unemployment rate and active job openings - to - applicants ratio s. a., ratio s. a., % diffusion index of employment conditions ( tankan ) reversed, di ( " excessive employment " minus " insufficient employment " ), % points insufficient employment unemployment rate ( right scale ) excessive employment active job openings - to - applicants ratio ( left scale ) active job openings - to - applicants ratio for full - time employees ( left scale ) cy cycy sources : ministry of internal affairs and communications ; ministry of health, labour and welfare. source : bank of japan. chart 8 " outlook for economic activity and prices " ( january 2018 ) forecasts of the majority of policy board members y / y % chg. fiscal 2017 forecasts made in october 2017 fiscal 2018 forecasts made in october 2017 fiscal 2019 forecasts made in october 2017 real gdp cpi ( all items less fresh food ) + 1. 8 to + 2. 0 + 0. 7 to + 1. 0 [ + 1. 9 ] [ + 0. 8 ] + 1. 7 to + 2. 0 + 0. 7 to + 1. 0 [ + 1. 9 ] [ + 0. 8 ] + 1. 3 to + 1. 5 + 1. 3 to + 1. 6 [ + 1. 4 ] [ + 1. 4 ] + 1. 2 to + 1. 4 + 1. 1 to + 1. 6 [ + 1. 4 ] [ + 1. 4 ] + 0. 7 to + 0. 9 + 1. 5 to + 2. 0 [ + 0. 7 ] [ + 1. 8 ] + 0. 7 to + 0. 8 + 1. 5 to + 2. 0 [ + 0. 7 ] [ + 1. 8 ] source : bank of japan. note : figures in brackets indicate the medians of the policy board members'forecasts ( point estimates ). chart 9 cpi 2. 0 s. a., y / y