the labor market population by age group labor force participation rate by age group mil. persons 100 % 65 - 74 20 - 64 0 - 19 75 - 70 - 74 65 - 69 60 - 64 55 - 59 50 - 54 45 - 49 40 - 44 35 - 39 30 - 34 25 - 29 20 - 24 15 - 19 cy 1995 age group notes : 1. in the left - hand chart, figures are based on the population pyramid for japan released by the national institute of population and social security research. 2. in the right - hand chart, figures are based on the labour force survey ( 2022 ). sources : national institute of population and social security research ; ministry of internal affairs and communications. ii. the present : changes in the wage and price situation and the bank's thinking on the conduct of monetary policy chart 7 changes in price - setting behavior firms'outlook for output prices in the tankan manufacturing nonmanufacturing 5. 0 chg. from the current level, % 5. 0 4. 5 4. 5 4. 0 4. 0 chg. from the current level, % economists 2 ( 7 to 11 years ahead ) firms ( 5 years ahead ) 3. 5 1 year ahead 3. 0 5 years ahead 3. 0 5 years ahead 2. 5 2. 0 2. 0 1. 5 1. 5 1. 0 1. 0 0. 5 0. 5 0. 0 0. 0 1. 5 1. 0 0. 5 - 0. 5 cy 14 households ( over the next 5 years ) 2. 0 1 year ahead 2. 5 y / y, ann. avg., % 2. 5 economists 1 ( 6 to 10 years ahead ) 3. 5 - 0. 5 cy 14 inflation expectations 0. 0 cy 05 note : in the right - hand chart, " economists 1 " shows the forecasts of economists in the consensus forecasts, while " economists 2 " shows the forecasts of forecasters surveyed for the esp forecast. figures for households are from the opinion survey on the general public's views and behavior, estimated using the modified carlson - parkin method for a 5 - choice question. figures for firms show the inflation outlook of enterprises for general prices ( all industries and enterprises, average ) in the tankan. sources : bank of japan ; jcer, " esp forecast " ; consensus economics inc., " consensus forecasts. " ii. the present : changes in the

much for your attention. wages and prices : past, present, and future speech at the meeting of councillors of keidanren ( japan business federation ) in tokyo december 25, 2023 ueda kazuo governor of the bank of japan introduction i. the past : overview of and background to the lowinflation environment ii. the present : changes in the wage and price situation and the bank's thinking on the conduct of monetary policy iii. the future : price stability, firms, and the economy concluding remarks chart 1 i. the past : overview of and background to the low - inflation environment wages and prices y / y % chg. cpi ( less fresh food ) nominal wages - 2 - 4 fy 80 notes : 1. the cpi figures are staff estimates and exclude the effects of the consumption tax hikes, policies concerning the provision of free education, and travel subsidy programs. figures for nominal wages are for establishments with 30 or more employees up through fiscal 1990, and with 5 or more employees from fiscal 1991 onward. 2. figures for fiscal 2023 are april - october averages. sources : ministry of internal affairs and communications ; ministry of health, labour and welfare. chart 2 i. the past : overview of and background to the low - inflation environment price - setting trends price change distribution share of the number of items, % frequency of price changes % goods dec. 2018 dec. 1999 services dec. 1992 - 10 or less - 5 or more y / y % chg. cy 91 notes : 1. in the left - hand chart, figures are based on the cpi for all items less fresh food. 2. in the right - hand chart, figures are the share of prices ( based on the average for each item and city ) that changed from the previous month ( 12 - month backward moving average ). data excludes fresh food, electricity, manufactured and piped gas, water charges, housing rent, periods of consumption tax hikes, and temporary price changes mainly due to special sales. source : ministry of internal affairs and communications. chart 3 i. the past : overview of and background to the low - inflation environment output gap 6 % - 1 - 2 - 3 - 4 - 5 - 6 - 7 cy 90 note : figures are staff estimates. source : bank of japan. chart 4 i. the past : overview of and background to the low - inflation environment impact of globalization changes in wage and price setting prices and overseas factors y / y % chg