Bank of Japan – Outlook for Economic Activity and Prices, Oct 2025

The main theme of the report is the forecast for economic activity and prices in Japan.

Key findings include: Japan's moderate economic growth is expected despite slowdowns in overseas economies and declining corporate profits. The annual growth rate of the Consumer Price Index (CPI) is likely to fall below 2% in the first half of 2026, but is expected to gradually increase thereafter. Forecasts for real GDP growth and CPI growth rates remain largely unchanged from previous reports. There is high uncertainty regarding the response of overseas economic activity and prices to trade and other policies.