BOJ Cuts Japan's Fiscal 2021 Growth Forecast

Economy Politics

Tokyo, Oct. 28 (Jiji Press)--The Bank of Japan on Thursday lowered its growth projection for the Japanese economy for fiscal 2021, which ends next March, due to a pandemic-induced slowdown in personal consumption and supply chain constraints.

The country's gross domestic product is expected to rise 3.4 pct in fiscal 2021 from the previous year in price-adjusted real terms, the central bank said.

The BOJ unveiled the new forecast as part of a quarterly economic and price outlook report released after its two-day monetary policy meeting. In the previous July report, the BOJ had projected 3.8 pct GDP growth.

For fiscal 2022, the BOJ raised its GDP growth forecast from 2.7 pct to 2.9 pct.

The bank said that the country's core consumer price index, excluding fresh food prices, is expected to be flat in fiscal 2021 from the previous year, compared with its previous projection for a 0.6 pct rise.

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Jiji Press