This report includes forecasts of the central bank on inflation and economic growth, and is published 8 times a year, approximately 10 days after the decision on monetary policy.

At the December meeting, the Bank of Japan left monetary policy unchanged:

• the use of the previously fixed interest rate yield curve shows difficulty

• weak yen only pushes up prices in the short term

• improved personal consumption

• the United States economy could further strengthen under the new president

• growth in manufacturing was recorded all over the world

• the Bank of Japan should firmly support the current policy stance

• it is necessary to go a long way to reach the inflation target of 2%

• the yield curve was formed smoothly