TOKYO: Japan's government cut this year's economic growth forecast but expects inflation to sharply exceed the central bank's 2 per cent target in new projections released on Thursday (Jul 20), acknowledging growing signs of change in the country's deflationary mindset. The estimates come ahead of the Bank
TOKYO: Japan's government cut this year's economic growth forecast but expects inflation to sharply exceed the central bank's 2 per cent target in new projections released on Thursday , acknowledging growing signs of change in the country's deflationary mindset.
"It's important to ensure Japan makes steady progress in exiting deflation, and shift to a society where wage hikes become a norm," he told a meeting of the government's top economic council on Thursday. Overall consumer inflation, which does not strip away any item, will likely hit 2.6 per cent this fiscal year, the government said, higher than the 1.7 per cent projected in January and exceeding the Bank of Japan's 2 per cent target.After more than two decades of deflation and stagnant wage growth, Japan has seen inflation exceed the central bank's 2 per cent target for more than a year as firms continued to pass on rising raw material costs to households via price hikes.
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Japan's govt cuts growth forecast, sees inflation exceeding BOJ targetTOKYO : Japan's government cut this year's economic growth forecast but expects inflation to sharply exceed the central bank's 2 per cent target in new projections released on Thursday, acknowledging growing signs of change in the country's deflationary mindset.In a mid-year review of its forecasts, the
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