Bank of Japan cuts inflation forecast as policy remains on hold

The Bank of Japan
The BoJ is struggling to hit its inflation target

The Bank of Japan (BoJ) lowered its inflation forecast and lengthened the timeframe for hitting its 2% inflation target one more year to fiscal 2019 after its two-day monetary policy meeting ended today (July 20).

In the quarterly outlook report released separately after the meeting, the BoJ lifted its GDP forecast marginally while trimming its inflation forecast, in line with consensus expectations.

The majority of policy board members expected core inflation (excluding fresh food) for the

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