Bank of Japan gloomier about inflation

The Bank of Japan (BoJ) has adjusted its expectations for inflation downwards.

Japan fell slightly further behind its own inflation targets of 2 percent. The BoJ, in a week in which Europe and the United States were talking with more confidence by central bankers, lowered its expectations to 0.5 to 1 percent. The outlook had actually increased to about 1 percent in January.

The bleak gaze was reason for BoJ governor Haruhiko Kuroda not to compromise the economy's stimulus program. Interest rates remained unchanged and the 80 trillion yen buy-back program remained intact. However, Kuroda is hopeful that inflation will pick up towards the desired level.

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