BOJ Likely to Raise Inflation Forecast to Near 2%

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BOJ Likely to Raise Inflation Forecast to Near 2%


The Bank of Japan is expected to raise its inflation forecast for this fiscal year to close to 2% at its policy meeting this month. Three sources said that the increase in inflation forecasts was carried out because global commodity inflation raised the cost of energy and food.


Quoting Reuters, Friday (15/4), the increase in the inflation forecast will bring inflation closer to the 2% target. The source also revealed that the central bank will emphasize its determination to keep monetary policy very loose to support the economic recovery.

In new quarterly projections due for release at its April 27-28 policy meeting, the BOJ is likely to raise its core consumer inflation forecast for the current fiscal year to March 2023 to above 1.5% from its current forecast of a 1.1% rise, sources said. .

The council is also expected to cut its growth forecast this fiscal year, the sources said, as rising raw material costs blamed on the Ukraine war hurt global trade and domestic consumption.

The current BOJ forecast made in January was for the economy to grow 3.8% this fiscal year, much higher than the 2.6% growth projected in a Reuters poll.


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