BOJ Outlook Report: Risks to price outlook skewed to upside for time being, roughly balanced thereafter

Japan's economy likely to recover as impact of pandemic, supply constraints subsides.

Must be vigilant to financial, currency market moves and their impact on Japan’s economy, prices.

Uncertainty regarding Japan’s economy is very high.

Japan's economy picking up as impact of pandemic subsides.

Inflation expectations are rising.

Exports rising as a trend but being affected by supply constraints.

Output is under strong downward pressure.

Consumption likely to continue increasing even as household real income comes under pressure from rising prices.

Corporate profits to remain high as a whole thanks in part to weak yen.

Exports, output likely to continue rising moderately as supply constraint eases.

Board's core-core CPI median forecast for fiscal 2022 at +1.3 vs +0.9% in April.

Board's core-core CPI median forecast for fiscal 2023 at +1.4% vs +1.2% in April.

Board's core-core CPI median forecast for fiscal 2024 at +1.5% vs +1.5% in April.

Board's real GDP median forecast for fiscal 2022 at +2.4% vs +2.9% in April.

Board's real GDP median forecast for fiscal 2023 at +2.0% vs +1.9% in April.

Board's real GDP median forecast for fiscal 2024 at +1.3% vs +1.1% in April.