World Economic outlook - japan interest rates outlook 2012- 2013 ; The Bank of Japan cut its growth outlook for the year starting in April while keeping its zero- interest rate policy as Europe’s debt crisis reduced global demand and keep the yen strong.
Governor Masaaki Shirakawa and fellow board members lowered the economic forecast to 2 percent from an October estimate of 2.2 percent for fiscal 2012. The central bank maintained its projection for consumer prices to rise 0.1 percent, according to its statement released in Tokyo jan 23 2012.
Japan’s economic activity has been more or less flat, mainly due to the effects of a slowdown in overseas economies and the appreciation of the yen,” the BOJ said. “Growth prospects for fiscal 2012 and 2013 will likely remain broadly unchanged because the economy is expected to gradually return to a moderate recovery path in the first half” of the year starting April 1
The World Bank cut its global economic outlook last week to 2.5 percent growth this year from a June estimate of 3.6 percent, citing risks of a widening euro-area crisis. Japan’s economy was forecast to expand 1.9 percent in 2012, slower than a prior estimate of 2.6 percent growth, the World Bank said Jan. 17.
The Bank of Japan has pledged to keep benchmark rates unchanged until it sees sustained signs of inflation.
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