In the course of today's speech on the level of interest rates and monetary policy, the Bank of Japan gave its forecasts regarding the country's GDP growth for the next few years:

• Real GDP in 2018 is likely to grow by 1.5%, whereas earlier it was forecasted an increase of 1.6%

• In 2019 and 2020, it is likely to grow by 0.8%, previously it was also forecasted an increase of 0.8%

The Central Bank characterized the situation with inflation as follows:

• Annual inflation will gradually reach 2%, but this will take more time than previously thought.

• The core inflation of consumer prices in this fiscal year is likely to be 1.1% vs. the previous forecast of 1.3%

• In 2019, it is likely to be 1.5% against the previous forecast of 1.8%

• In 2020, it is likely to be 1.6% against the previous forecast of 1.8%