Bank of Japan lifts inflation forecast, no policy change

TOKYO – Japan’s central bank revised its inflation forecast on Tuesday and adjusted its view of price risks, while leaving its monetary easing policy in place in a nod to lingering pandemic uncertainty.

As prices rise swiftly in other economies, Japan’s inflation remains relatively feeble, and still far below the long-held two percent target seen as necessary to turbo-charge the world’s third largest economy.

In a quarterly report on prices and the economy, the central bank said it now forecasts inflation of 1.1 percent for the fiscal year to March 2023, up from its previous forecast of 0.9 percent.

It also revised up its forecast for the fiscal year to March 2024 to 1.1 percent from 1.0 percent, leaving the projection for the current year…