The Strategist

Bank of Japan revises GDP and inflation forecasts

01/18/2023 - 09:31

The Bank of Japan revised its projection for the country's GDP growth down to 1.9 percent while increasing the anticipated inflation rate to 3 percent.

The Bank of Japan (BOJ) raised projections for inflation by 0.1 percentage points to 3% from 2.9% while lowering its forecast for the country's GDP growth for the current fiscal year (April 1, 2022 to March 31, 2023) from the expected 2%.

In addition, compared to the 1.9% forecast from October, the Central Bank of Japan anticipates GDP growth of 1.7% in the upcoming fiscal year and 1.1% rather than 1.5% in fiscal 2024.

According to the Japanese central bank, inflation will be 1.8% instead of 1.6% in the upcoming fiscal year, instead of the 1.6% expected in October.