The Japanese central bank raises its forecast for economic growth this...

The Bank of Japan (BoJ) released its quarterly economic report on Tuesday regarding its economic outlook for the current, upcoming and beyond fiscal years.

The bank raised its forecast for the real GDP growth rate for Japan during the 2022 fiscal year, which begins next April, to 8.3%, compared to 9.2%, according to its expectations in its October report, according to the German news agency.

At the same time, the Bank lowered its forecast for GDP growth over the next year to 1.1% only, compared to 3.1% last October.

The Central Bank indicated the real GDP growth during the current fiscal year, which ends on March 31 next, at a rate of 8.2%, not at a rate of 4.3%, according to estimates last October.

Regarding the core inflation rate of consumer prices in Japan, the bank said that it expects prices to rise during the next fiscal year by 1.1%, not by 9.0%, according to estimates last October.

Today, the Bank of Japan kept its stimulus monetary policy unchanged, despite raising its expectations for the inflation rate during the next fiscal year as a result of the rise in raw materials prices.

The Monetary Policy Board, during its meeting chaired by Central Bank Governor Haruhiko Kuroda, voted by 8 votes to 1 to keep the interest rate at a negative 1. 0% level on the current accounts of financial institutions with the Central Bank.

The central bank will continue to purchase the necessary quantities of Japanese government bonds with the aim of maintaining the yield rate on the 10-year Japanese benchmark bonds at zero percent.

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