TOKYO: The Bank of Japan on Thursday revised its growth outlook upwards for the next two years and maintained its ultra-loose monetary policy as it warned that the pandemic makes clear forecasts less likely.
However, for the current fiscal year to March the central bank expects the economy to shrink 5.6 per cent, against its October estimate of a 5.5 per cent contraction.
The announcement comes with parts of the country including Tokyo and Osaka under a state of emergency that requests shops and restaurants close early until at least the start of February.
While Japan’s COVID-19 outbreak remains comparatively small, with around 4,700 deaths overall, there has been a sharp spike in cases this winter. But the BoJ saw brighter times on the horizon in its quarterly report, published after a two-day policy meeting. — AFP
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