TABLE-BOJ cuts GDP forecast, keeps CPI estimate intact

Mon Jul 14, 2014 11:03pm EDT

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TOKYO, July 15 (Reuters) - The Bank of Japan kept monetary
policy steady on Tuesday and slightly trimmed its economic
growth forecast for the current fiscal year. The BOJ left
unchanged its consumer inflation forecasts in a quarterly review
of its long-term projections.
    The central bank issues a semiannual report on the outlook
of the economy and prices in April and October of each year. It
reviews the forecasts in January and July.
    Following is a table of median forecasts by the BOJ's nine
board members. Previous forecasts issued in April are in
parentheses (all for year-on-year percentage changes):
    
                          REAL GDP            CORE CPI
    FY 2014/15              +1.0                +1.3
                           (+1.1)              (+1.3)
    FY 2015/16              +1.5                +1.9
                           (+1.5)              (+1.9)
    FY 2016/17              +1.3                +2.1
                           (+1.3)              (+2.1)
    
    *The GDP forecasts include the impact of the sales tax hike
in April 2014 and another tax hike planned, but not finalised,
in October 2015. The CPI forecasts exclude the impact of the tax
hikes. The BOJ estimates the 2014 tax hike will push up core CPI
by 2 percentage points and the 2015 tax hike by 0.7 point.
    *The full table of the forecasts is available at the BOJ's
website at:
    www.boj.or.jp/en/index.htm/

 (Reporting by Leika Kihara, Stanley White, Tetsushi Kajimoto
and Kaori Kaneko; Editing by Chang-Ran Kim)
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