BOJ Price Forecast Stops Short of 2 Pct Goal

Economy Politics

Tokyo, April 27 (Jiji Press)--The Bank of Japan said Tuesday that it expects consumer prices in the country to rise 1.0 pct in fiscal 2023, short of its 2 pct goal.

The forecast, unveiled in a quarterly outlook report released by the BOJ after a two-day policy meeting, means that the central bank is unlikely to achieve its inflation goal during Governor Haruhiko Kuroda's current term, which expires in April 2023.

"It can't be helped even if the 2 pct goal becomes able to be achieved in fiscal 2024 or later," Kuroda told a news conference after the Policy Board meeting.

"It's our mandate to attain (the inflation target) by all means. We'll make utmost efforts," he stressed.

The BOJ lowered its consumer price growth estimate for fiscal 2021, which started this month, to 0.1 pct from 0.5 pct, citing the impact of cuts in mobile communications fees.

[Copyright The Jiji Press, Ltd.]

Jiji Press