TOKYO -- Even as the Bank of Japan's massive monetary easing program enters its fourth year, inflation expectations are dimming among Japanese households, businesses and markets, which could force the central bank to revise its forecast yet again.
Businesses see the consumer price index rising 0.8% over the next year, according to a BOJ survey for March released Friday. This marks a 0.2-percentage-point drop from December, with the three- and five-year estimates falling by 0.2 point as well. This first survey since the central bank introduced negative interest rates indicates that the policy's impact has not yet spread.
