- Haruhiko Kuroda, Bank of Japan Governor
Japan's revised industrial production data suggested that the world's third biggest economy is back on track, with output increasing in March. Combined production from Japan's mines, manufacturers, and utilities surged 3.8% on month in March, final data from the Ministry of Economy, Trade, and Industry showed, compared with the preliminary result of a 3.6% rise, and following a 5.2% plunge in February. Production climbed 0.2% annually in the reporting month, compared with a 1.2% decrease a month ago.
Bank of Japan Governor Haruhiko Kuroda said that the central bank expects to hit its 2% inflation goal during fiscal 2017, stressing that the BoJ will take "additional easing measures without hesitation" if it proves to be necessary. The central bank anticipates that the CPI will climb to 0.5% in fiscal 2016, while forecasts are that it would rise to 1.7% and 1.9% in 2017 and 2018, respectively. Kuroda also commented on the expected economic growth of Japan's economy, citing that domestic demand is likely to follow an uptrend along with an increase in the country's exports, supporting the economy in a "moderate expanding trend". "The expected growth rates during the projection period are in the range of 1% to 1.5% for fiscal 2016, slightly positive for fiscal 2017, and about 1% for fiscal 2018," Kuroda said.
© Dukascopy Bank SA