The Bank of Japan (BoJ) downgraded its growth and inflation forecasts. The inflation for the fiscal year 2015 ending on March 31 is expected to be 0.1%, down from the previous estimate of 0.7% (the BoJ said last year that the inflation in Japan will reach 2% in 2015).

The central bank expects the inflation to be 1.4% in 2016, down from the previous estimate of 1.9%, and 1.8% in 2017.

Japan's economy is expected to expand 1.2% in the fiscal year 2015, down from the previous estimate of 1.7%, 1.4% in 2016, down from the previous estimate of 1.5%, and 0.3% in 2017, up from the previous estimate of 0.2%.