La Bank of Japan has decided not to change the cost of money and the asset purchase plan. A move expected by the market: the aim of the Japanese central bank is to reach 2% inflation within two years, also considering the fact that the Japanese economy is showing signs of a "gradual recovery".
The BoJ, despite having used the word "recovery" for the first time since January 2011, has revised downwards its growth estimates for the Japanese economy. In fiscal year 2013, which will end next March, the institute forecasts that the country's GDP will grow by 2,8%, against the +2,9% estimated last April. Inflation should instead mark a rise of 0,6%, instead of 0,7%.
As for next year, an economy is expected to grow by 1,3%, against the +1,4% previously estimated. The consumer price index has also been revised downwards, which should mark an increase of 3,3% instead of 3,4%.
