With energy costs spiking, the BoJ has decided to revise its inflation projection from 0.9% to 1.1% for the fiscal year starting in April. The bank also projects inflation to remain at 1.1% for the following year. This signals that, while Japan has largely been a hold-out when it comes to the inflation sweeping across various economies across the globe, prices are still rising, primarily in fuel and cooking essentials.
This comes even as other global central banks are tightening their monetary policies. For now, the pandemic-driven stimulus the Japanese government has been injecting into its economy will continue.
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