The Bank of Japan on Thursday said that Japan's economy is shifting toward a pick-up phase, although its economic activity has remained more or less flat.
In the monthly report, the BoJ said that domestic corporate goods prices will rise at a slower pace, reflecting slowdown in global commodity prices. The annual increase in consumer prices is forecast to remain at around zero percent for the time being.
Looking forward, the central bank expects the economy to return to a moderate recovery path as the pace of recovery in overseas economies picks up, driven by commodity-exporting countries and reconstruction activity after the earthquake.
This week, the policy board of the BoJ voted unanimously to abstain from announcing more stimulus after boosting its asset purchases last month.
by RTT Staff Writer
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