ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Japan GDP to shrink 4.7% in fiscal 2020, BOJ says

Pace of recovery is expected to be 'gradual,' governor Kuroda says

The headquarters of Bank of Japan in Tokyo: The central bank has decided to keep the main policy tools intact.   © Reuters

TOKYO -- The Bank of Japan on Wednesday forecast the nation's economy to contract 4.7% in fiscal 2020 despite recent signs of gradual recovery, a reminder that bouncing back from the coronavirus pandemic will be difficult.

The estimate, released in a quarterly outlook report, is the median of forecasts from all BOJ policy board members, which ranged from minus 4.5% to minus 5.7%. The range represented a worsening from the April estimate of a contraction of between 3.0% and 5.0%.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more