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BOJ raises GDP forecast but keeps policy unchanged

Growth for 2020 is now projected at 0.9% instead of 0.7%

The Bank of Japan raised its economic growth forecast for the fiscal year starting in April.(Photo by Kei Higuchi) 

TOKYO -- The Bank of Japan said on Tuesday it would stick with its ultra-easy monetary policy and raised its growth estimate for the next fiscal year on hopes that a recently announced stimulus package would offset a tax increase at home and sluggish overseas expansion.

The central bank raised its growth forecast for the fiscal year ending March to 0.8% from 0.6% and for fiscal 2020 to 0.9% from 0.7% in response to a major stimulus package the government of Prime Minister Shinzo Abe announced last month.

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