|08-27-2014, 02:02 PM||#1|
BOJ to cut growth forecasts in October
Economists expect the Bank of Japan to cut its economic growth forecast for the current fiscal year in October`s report; however, it may maintain its inflation outlook going upside. Policy makers remain concerned about the future of exports, as it dropped sharply along with a decline in yen`s value.
Japanese exports failed to give the required support to the economy, despite yen continue to fall against major currencies, giving Japanese goods a competitive advantage in different markets. On the other side, global demand remains unstable despite optimism spread about recovery in the United States and Europe.
Japan`s Gross Domestic Product contracted 1.7% in the quarter ended June compared with a previous expansion by 1.6% that was revised to 1.5%. The GDP shrank an annualized 6.8% in Q2, following an expansion by 6.7% that was revised to 6.1%.
Yet, the central bank is expected to maintain its expectations about inflation picking up towards 2% in the fiscal year ending March. Economists also expect the central bank will not ease monetary policy further at least until the end of 2014.
BOJ may lower its growth forecasts to 0.5% in the fiscal year ending March compared with forecasts of 1.0% in July. It is important to mention that decision makers remain optimistic about outlook, especially with household income rising 0.2% in the year to June, while bonuses picked up 2%, giving a push forward to domestic demand.
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