The Bank of Japan on Thursday downgraded its forecasts of the country's economic growth to 2.1 percent for fiscal 2010 and 1.8 percent for fiscal 2011.
In July, the central bank predicted year-on-year real gross domestic product growth at 2.6 percent and 1.9 percent, respectively. In its biannual report released Thursday, the BOJ made a new projection of 2.1 percent real GDP expansion for fiscal 2012.
The economy is "still showing signs of a moderate recovery, but the pace has slowed due to recent deceleration in the growth of exports and production," the report said. The pace of recovery "is likely to slow due to factors such as the slowdown in overseas economies and the ending of the boost from policy measures...as well as the recent appreciation of the yen."
On prices, the central bank said the nation's core consumer price index, which excludes fresh food prices, could fall 0.4 percent in fiscal 2010 and rise 0.1 percent the following year, unchanged from earlier forecasts.
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