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Friday, 2nd July 2010
In Business In Japan,

Bank of Japan revises economic forecast

Japan's central bank is to revise its economic forecast for the current year on the back of good performances in Asian factory output and exports, it has been announced.

According to sources at the bank quoted by Reuters, the Bank of Japan is to revise the growth forecast to above two per cent. However, it will "stick to its cautious view" over fears that ongoing economic turbulence in many global economies could lead to another financial crisis.

The bank's next review is due mid-July and will forecast economic growth in the fiscal year ending March 2011. The current estimation is 1.8 per cent but the bank sources now expect it to rise to above two, the source reported.

The recently published Tankan survey, which asks more than 10,000 Japanese firms their views on the state of the economy, showed that business confidence is at its highest level for two years.

Written by Mark Smith.

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