BoJ Quarterly Outlook Report: Uncertainty over Japan's economy extremely high

Board's real GDP fiscal 2025 median forecast at +1.0%.

Board's real GDP fiscal 2024 median forecast at +1.2% vs +1.1% in January.

Board's real GDP fiscal 2023 median forecast at +1.4% vs +1.7% in January.

Uncertainty over Japan's economy extremely high.

Need to closely watch financial, currency market moves and their impact on Japan's economy and prices.

Risks to economic outlook broadly balanced.

Risks to price outlook skewed to upside in fiscal year 2023 but skewed to downside in fiscal year 2025.

Uncertainty is high for China's economy.

Japan's economy likely to recover moderately.

Japan's economy picking up albeit being affected by past rises in raw material prices.

Inflation expectations are moving sideways after having heightened.

Japan's economy likely to recover moderately after coming under pressure from past rises in raw material costs, overseas slowdown.

Japan's core consumer inflation slowing pace of increase.

Japan's output gap likely to turn positive around middle of current fiscal year.

Japan likely to see sustainable price rises accompanied by wage increases toward latter half of three-year forecast period for this quarterly report.

Japan's consumer inflation likely to slow below 2% toward the middle of current fiscal year.