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TABLE-BOJ stands pat on policy, sticks to inflation forecasts
January 22, 2014 / 3:35 AM / 4 years ago

TABLE-BOJ stands pat on policy, sticks to inflation forecasts

TOKYO, Jan 22 (Reuters) - The Bank of Japan kept monetary
policy steady on Wednesday and maintained its upbeat consumer
inflation forecasts, encouraged by signs that a broadening
economic recovery may nudge firms into spending more on wages
and investment.
    As widely expected, the BOJ voted unanimously to maintain
its pledge of increasing base money, or cash and deposits at the
central bank, at an annual pace of 60 trillion to 70 trillion
yen ($575-671 billion).
    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 October are in
parentheses (all for year-on-year percentage changes):
    
    FY 2014/15               CORE CPI           REAL GDP
      Median                  +1.3               +1.4
                             (+1.3)             (+1.5)
    FY 2015/16                +1.9               +1.5
                             (+1.9)             (+1.5)
    
    *The GDP forecasts include the impact of the sales tax hike
in April 2014 and another 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.  ($1
= 104.2850 Japanese yen)
    *The full table of forecasts is available at the BOJ's
website at:

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