Wednesday, July 30, 2014   

BOJ cuts GDP forecast
(07-15 17:47)

The Bank of Japan (BOJ) on Tuesday lowered its forecast of the country's real gross domestic product (GDP) growth rate for fiscal 2014 to 1.0 percent, mainly due to the impact of the tax hike since April 1, local media reported.
The central bank slightly cut the economic growth forecast from 1.1 percent projected three months ago as export remain weak and household spending tumbled more than expected after the sales tax hike.
But it left unchanged its growth projections for fiscal 2015 and 2016, which log 1.5 percent rise and 1.3 percent rise respectively, as the BOJ believed that the effect of tax hike would be temporary.
In a statement released after a two-day meeting that ended Tuesday, the BOJ's Policy Board also said the country's economy remains on a recovery track under the aggressive monetary easing policy, maintaining its basic assessment for the 10th straight month.
The nine-member board headed by Governor Haruhiko Kuroda voted unanimously to maintain the bank's ultra-loose monetary policy aimed at achieving a 2 percent inflation goal in or around fiscal 2015. --Xinhua   
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