Bank of Japan Lowers GDP Forecast, Increases Expected Inflation Rate

06:44 GMT, 18 January 2023

MOSCOW, (Sputnik) - The Bank of Japan (BOJ) lowered on Wednesday its forecast on the GDP growth for the current financial year, which ends on March 31, to 1.9% from 2% announced in October, while raising the expected inflation rate to 3% from 2.9%.

Sputnik

The BOJ also reduced its expectations of the GDP growth to 1.7% from 1.9% in the next fiscal year and to 1.1% from 1.5% in 2024.

Japan's central bank kept its forecast for inflation in the next fiscal year the same 1.6% as in October but increased it to 1.8% from 1.6% for 2024.

In 2013, the BOJ announced a "price stability target" of 2% annual inflation. The year 2022 will become the first to exceed this benchmark since 2015.

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