IMF cuts Japan's 2022 economic growth forecast to 2.4%, down from 3.3% projected in January

IMF'S Article 4 staff report:

  • escalation of Ukraine conflict poses significant downside risks to Japan's economy
  • Japan could consider preparing 'contingency plan' to protect economy in view of elevated uncertainty over pandemic, Ukraine conflict
  • BOJ must maintain ultra-easy policy for prolonged period despite higher commodity prices, rebound in consumption
  • BOJ 'expressed concern' over IMF's recommendation to target shorter yields under yield curve control
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Bank of Japan Governor Kuroda