• Japan economy to return to moderate recovery path as supply constraints ease
  • Board’s median Japan GDP forecast +2.8% in 2010/11 (January’s forecast +3.3%)
  • Board’s median Japan GDP forecast +0.6% in 2011/12 (January’s forecast +1.6%)
  • Strong uncertainty exists over quake impact on Japan’s economy
  • Board’s median Japan core CPI forecast -0.3% in 2010/11 (January’s forecast -0.3%)
  • Board’s median Japan core CPI forecast +0.7% in 2011/12 (January’s forecast +0.3%)
  • Board’s median Japan GDP forecast +2.9% in 2012/13 (January’s forecast +2.0%)
  • Board’s median Japan core CPI forecast +0.7% in 2012/13 (January’s forecast +0.6%)
  • Need to focus on downside economic risks for time being
  • BOJ will take appropriate policy steps if needed
  • Supply constraints to ease from Autumn
  • Nuclear crisis hurting CAPEX, consumption
  • Japan economic recovery to accelerate from October this year
  • Supply chain disruptions, damage to power infrastructure could accelerate shift of production abroad
  • Must pay attention to nuclear plant problem
  • Corporate, household growth expectations could change due to quake
  • Insufficient fiscal reconstruction could hurt economy
  • Protracted economic deterioration due to supply constraints could push down prices
  • Concern about long-term economic growth potential could hurt economic activity for prolonged period