Japan’s equity markets extended early gains on Thursday; leading stock markets in the region after the Bank of Japan raised its economic growth forecasts while once again pushing back its inflation target.
At the end of its monthly policy meeting Thursday, the central bank raised its economic assessment for the country, saying it was “expanding moderately,” while it upgraded the growth projection for the year ending March 2018 to 1.8% from 1.6%.
Nonetheless, the BOJ now expects inflation to reach around 2% in the year ending March 2020, a year later than its previous projection. This is the sixth time it has had to postpone the target under Gov. Haruhiko Kuroda’s leadership.