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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.

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