Bank of Japan raises current-year economic outlook to 2.9%

Next year's as well upped to 1.4%.

BBVA reports that at its monetary policy meeting over the weekend the BoJ, as expected, reiterated its bold policy move announced on April 4, to double monetary the monetary base over the next two years.

More significant for this meeting was the release of the BoJ’s six-monthly economic outlook, in which it raised its growth forecasts by 0.6% to 2.9% in the current fiscal year (ending in March) and 1.4% for next year, said BBVA.

BBVA also noted that broadly in line with its 2% inflation target, the BoJ raised its CPI projection to 1.9% rise in the for FY 2015, with some market observes commenting that the elongated time horizon signals that the BoJ may not believe it can fulfil its previous pledge to hit the target within two years.

"Indeed, March inflation released today was below expectations at -0.9% y/y (consensus: -0.8%; prior: -0.7%). The yen, which has not yet reached 100 per USD, appreciated today to around 98.81 and the Nikkei fell by -0.3%," it added.

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