The Bank of Japan will be forced to cut its growth and inflation forecasts this week, but officials are signalling extra economic stimulus is unlikely for now.
Japan’s central bank is set to move its inflation forecast for the 2015 fiscal year down several tenths of a percentage point from the current 1 per cent and shave its growth forecast from the current 2.1 per cent, even as its quantitative easing programme buys Y80tn worth of bonds each month.
But despite a disappointing start to the year, with inflation dipping back to zero, governor Haruhiko Kuroda has argued strongly that the BoJ’s existing stimulus programme intended to boost inflation is on track.
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