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BOJ Likely to Up Japan's FY 2010 Growth Outlook
Source Date: Wednesday, July 14, 2010
Focus: E-Procurement
Country: Japan
Created: Jul 18, 2010

The Bank of Japan started a two-day policy meeting Wednesday to consider possibly raising its forecast for Japan’s real economic growth for fiscal 2010 to above 2 percent, as stronger-than-expected demand in emerging countries has boosted the country’s exports and production. The possible upgrading of the BOJ’s projection included in its April report on the outlook of the economy and prices comes after a survey in June showed that business confidence among major Japanese manufacturers have turned positive for the first time in two years.

The central bank projected in April that the nation’s real gross domestic product will rise 1.8 percent for the year to March 2011, but now it is likely to be raised to around the mid to upper 2 percent level, economic analysts say. The anticipated move would be in line with the government’s upward revision in late June of its fiscal 2010 growth projection to 2.6 percent from 1.4 percent estimated at the end of December.

As for the state of the Japanese economy, the BOJ is expected to basically maintain its assessment that it is seeing ‘‘further signs of a moderate economy.’’
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