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Friday, the Bank of Japan upgraded the real GDP forecast for fiscal 2009 and 2010. The central bank also revised its forecast for consumer prices.
The central bank now expects the economy to shrink 3.2% in fiscal 2009 compared to 3.4% fall estimated in July. The economy is set to remain on a recovery trend in fiscal 2010, but the pace of improvement is likely to be moderate until around the middle of fiscal 2010, the BoJ said. In fiscal 2010, real GDP growth is seen at 1.2%, up from July's forecast of 1%. The growth rate is likely to reach a level clearly above the potential growth rate in the fiscal 2011.
The consumer price index, excluding fresh food, is estimated to fall 1.5% in fiscal 2009 versus 1.3% decline estimated previously. Meanwhile, the central bank forecast 0.8% fall in fiscal 2010 and 0.4% decline in fiscal 2011.
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