The Bank of Japan announced the full version including background explanations of the "Outlook for Economic Activity and Prices" (Outlook Report) decided and published at the Policy Board Monetary Policy Meeting in July 2025.
The Outlook Report is an important policy document that examines future economic and price outlook and upside and downside risk factors in detail four times a year (usually January, April, July, October) at Monetary Policy Meetings, organizing monetary policy management approaches under those conditions. The July 2025 version provides the full text including background explanations as a 3,061KB PDF file, published together with basic views (602KB).
This Outlook Report comprehensively presents current economic assessment, price trend analysis, future economic and price outlook, risk factor evaluation, and basic monetary policy management approaches. It includes numerical forecasts of economic and price outlook by Policy Board members, playing important roles in improving Bank of Japan monetary policy transparency and promoting dialogue with markets.
Outlook Report publication has continued from "Future Economic and Price Outlook and Risk Assessment" before October 2003, with the current four-times-yearly publication system established since 2016. Before 2015, Outlook Reports were conducted in April and October, with interim assessments in January and July, but the current system enables more comprehensive analysis and evaluation.
The article clarifies that the Bank of Japan's comprehensive analysis of economic and price conditions as of July 2025 and future outlook were presented, with monetary policy directions and judgment bases published in detail.