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MNI (Tokyo)

The Bank of Japan board on Tuesday upgraded its forecasts for real economic growth and the inflation rate in the next fiscal year to +3.8% and to +1.1% from October’s +2.9% and +0.9%, respectively, the Outlook Report showed.

The BOJ board changed its risk assessment to prices, saying, “Risks to prices are generally balanced.” The previous view was “risks to prices are skewed to the downside,” see: MNI INSIGHT: BOJ Sees 2% Price Target Nearer With Wages Key.

The change of the risk balance was due to the yen’s fall, the rise in crude oil prices and positive corporate price-setting behavior.

“In addition, there are high uncertainties over future developments in overseas economies given the effects of supply-side constrains, as well as in commodity prices and their impact on economic activity and prices,” the BOJ said.

The median forecasts for GDP and inflation rate in fiscal 2023 were revised to +1.1% and +1.1% vs. +1.3% and +1.0% made in October. The median forecast for GDP this fiscal year ending March 31, was revised down to +2.8% from +3.4% and the median inflation view was left flat, see: MNI: STATE OF PLAY: BOJ Board To Lift Growth, Inflation Views.

MNI Tokyo Bureau | +81 90-2175-0040 |
MNI Tokyo Bureau | +81 90-2175-0040 |

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