Bank of Japan downgrades growth forecasts

16/07/2008 -- 4:55 PM

Tokyo (VNA) – The Bank of Japan (BOJ) on July 15 lowered its growth forecast for the fiscal year ending in March 2009 to 1.2 percent, compared with the 1.5 percent projected in its twice-yearly outlook report in April. In addition to cutting its economic growth forecast to the slowest pace in six years, BOJ also warned of the fastest inflation in a decade as rising energy costs and weakening exports batter the second largest economy in the world. Though it is facing slowing growth and rising inflation, the Japanese economy is not experiencing stagflation like that seen in the 1970s, Masaaki Shirakawa, the head of the central bank was quoted by news agencies as saying. –Enditem
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