Chart 1 Productivity of Major Economies

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1 Chart 1 Productivity of Major Economies U.S. dollars as of 2010 Japan United States United Kingdom Germany France Italy Canada Introduction of QE End of QE Introduction of QQE Note: Productivity is represented by real GDP per hour worked, converted by purchasing power parity exchange rates in Source: OECD, "Level of GDP per capita and productivity." Average Growth Rate of Productivity (%) Period Japan* United States* United Kingdom Germany France Italy Canada *The data for the period through 2016 are used instead of the data for through.

2 Chart 2 Real PPP GDP per Working-Age Person of Major Economies 90,000 International dollars as of 2011 Introduction of QE End of QE Introduction of QQE Japan 80,000 United States United Kingdom 70,000 Germany France 60,000 Italy Canada 50,000 40,000 30,000 Note: Annual figures for working-age person are obtained by linear interpolation of data for every five years. Figures for Germany through 1990 are those for West Germany. Real GDP is converted by purchasing power parity (international dollars as of 2011). Sources: IMF, "World Economic Outlook Database"; United Nations, "World Population Prospects: Revision." Average Growth Rate of the Real PPP GDP per Working-Age Person (%) Period Japan United States United Kingdom Germany France Italy Canada

3 Chart 3 Short-Term and Long-Term Interest Rates % Monetary easing Monetary tightening Source: Bloomberg. 120 Uncollateralized overnight call rates Yields on 10-year JGBs Chart 4 Production, Investment, Exports, and World Trade Inauguration Introduction of the second of QQE Abe Cabinet Apr Dec. s.a., = 100 Consumption tax hike Apr Expansion of QQE Oct Introduction of QQE with a Negative Interest Rate Jan Introduction of QQE with Yield Curve Control Sep Industrial production World trade volume Aggregate supply of capital goods Real exports Sources: Ministry of Economy, Trade and Industry, "Indices of Industrial Production," "Indices of Industrial Domestic Shipments and Imports"; CPB Netherlands Bureau for Economic Policy Analysis, "CPB World Trade Monitor"; Bank of Japan, "Developments in Real Exports and Real Imports."

4 Chart 5 Employment, Income, and Consumption Inauguration Introduction Consumption Expansion Introduction of Introduction of of the second of QQE tax hike of QQE QQE with a Negative QQE with Yield Abe Cabinet Apr Dec. Apr Oct Interest Rate Jan Curve Control Sep s.a., = 100 % Number of regular employees Consumption activity index (travel balance adjusted, real) Real wages Real employee income The ratio of real consumption to real employee income Unemployment rate (right scale) Note: Real employee income is calculated as the number of regular employees multiplied by real wages which is the total cash earnings deflated by the CPI (all items less imputed rent). The ratio of real consumption to real employee income is calculated as the comsumption activity index (travel balance adjusted, real) divided by real employee income. Sources: Ministry of Health, Labour and Welfare, "Monthly Labour Survey"; Ministry of Internal Affairs and Communications, "Consumption Price Index," "Labour Force Survey"; Bank of Japan, "Consumption Activity Index."

5 Chart 6 Stock Prices and Price-Earnings Ratio Stock Prices 3,500 3,000 pts TOPIX S&P500 EURO STOXX (right scale) pts times Price-Earnings Ratio TOPIX S&P500 EURO STOXX 2, , , , Sources: Bloomberg; Thomson Reuters

6 CPI (less fresh food and energy), y/y % chg. Chart 7 Phillips Curve B A: 1983/1-2013/3 y = x R² = B: 1983/1-1995/12 y = x R² = C: 1996/1-2013/3 y = x R² = C 1983/1-2013/3 2013/4-2018/5 A Unemployment rate, % 6 % Introduction of consumption tax Apr Consumption tax hike Apr Consumption tax hike Apr Unemployment rate CPI (less fresh food and energy, y/y chg.) Note: The CPI figures are adjusted for changes in the consumption tax rate. Sources: Ministry of Internal Affairs and Communications; Ministry of Health, Labour and Welfare. A B C Formula Estimate of the unemployment rate corresponding to 2% (%) Avg. growth rate of the observed CPI (annualized, %) CPI = unemployment rate CPI = unemployment rate CPI = unemployment rate