Highlights of the Outlook for Economic Activity and Prices (January 2024)
Japan's economy is likely to continue recovering moderately.
Japan's economy is likely to continue recovering moderately, supported by factors such as an increase in consumption, although it is expected to be pushed down by a slowdown in the pace of recovery in overseas economies.
Underlying inflation is likely to increase gradually toward achieving the 2 percent target.
Underlying CPI inflation is likely to increase gradually toward achieving the price stability target of 2 percent. The likelihood of realizing this scenario has continued to gradually rise.
There are high uncertainties surrounding Japan's economic activity and prices.
There are extremely high uncertainties surrounding Japan's economic activity and prices, including developments in overseas economic activity and prices, developments in commodity prices, and domestic firms' wage- and price-setting behavior. In addition, due attention is warranted on developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices.
The Bank will continue with powerful monetary easing.
The Bank will patiently continue with monetary easing, aiming to achieve the price stability target of 2 percent in a sustainable and stable manner, accompanied by wage increases.
Policy Board Members' Forecasts
Outlook for Economic Activity and Prices
For further details, please see "The Bank's View" and the full text of the Outlook for Economic Activity and Prices (Outlook Report) on the following pages: