BOJ Upgrades Assessment of Japan Economy (News)
Tokyo, April 27 (Jiji Press)—The Bank of Japan upgraded Thursday its assessment of the country's economy on the back of brisk production and exports, using the strongest word in nearly a decade to describe the current state of the economy.
"Japan's economy has been turning toward a moderate expansion," the BOJ said in its quarterly Outlook for Economic Activity and Prices report, adopted at its two-day Policy Board meeting that ended the same day.
It is the first time since March 2008 for the BOJ to use the term "expansion" in its assessment of domestic economic conditions.
In the previous outlook report, released in late January, the bank said, "Japan's economy has continued its moderate recovery trend."
Also in the latest report, the BOJ lowered its year-on-year growth projection for the country's core consumer price index in fiscal 2017 from 1.5 %, released three months ago, to 1.4 %.[Copyright The Jiji Press, Ltd.]