29 October 2001, 09:16  BOJ projects Japan real GDP contraction of 0.9-1.2% in FY 2001

TOKYO, Oct. 29 (Kyodo) - (EDS: LEAD STORY TO FOLLOW) The Bank of Japan (BOJ) on Monday revised downward its economic growth projection for fiscal 2001 to minus 0.9-1.2% from the 0.3-0.8% growth predicted in April. The nation's economic growth will also range from a 0.1% growth to a 1.1% contraction in fiscal 2002, said the BOJ's biannual "Outlook and Risk Assessment of the Economy and Prices." It is the first time the BOJ has released an economic growth projection for the next fiscal year. The central bank initially planned to release the report Tuesday after its adoption at a one-day meeting of the central bank's Policy Board, but the board decided at the outset of the meeting to release it immediately after their gathering instead. The report, adopted at the nine-member Policy Board meeting, also forecast the core consumer price index rate, excluding perishables, will be minus 1.0-1.1% in fiscal 2001 and minus 0.9-1.3% in fiscal 2002. The BOJ's forecasts are shown as a range of Policy Board members projections by excluding the highest and lowest figures.

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