The Bank of Japan (BoJ) maintained its key short-term interest rate at around 0% to 0.1% in April, following its first rate hike since 2007 in March. The central bank also committed to continuing bond purchases, aligning with its March decision. In its quarterly outlook, the BoJ raised its CPI forecast for FY 2024 to 2.8% from 2.4% due to diminishing effects of higher import prices. The board anticipates core inflation to reach 1.9% in 2025, up from earlier estimates of 1.8%, citing a recent uptick in oil prices. However, the BoJ reduced its GDP growth forecast for 2023 to 1.3% from 1.8% and for FY 2024 to 0.8% from 1.2%, primarily due to lower private consumption.

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