• Japan core CPI seen -0.1% in Fiscal 2012/13 ( forecast +0.2% in July),+0.4% in 2013/14 (from +0.7% in July), and +0.8% in 2014/15
  • GDP seen +1.5% in fiscal 2012/13, (forecast +2.2%), +1.6% in 2013/14 (forecast +1.7%) and +0.6% in 2014/15
  • Economy likely to resume moderate recovery as global growth emerges., but have to remain vigilant towards risk of a prolonged overseas slowdown.
  • Inflation likely to steady towards 1% in fiscal 2014
  • Planned sales tax hike to push up CPI by 2% in fiscal 2014