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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Bank of Japan raises growth view, holds rates AFP - Wednesday, January 26 Send IM Story Print TOKYO (AFP) - – Japan's central bank on Tuesday raised its forecasts for the nation's growth this fiscal year and for consumer prices, while leaving its key rate near zero in its ongoing battle with deflation. The Bank of Japan's decision to hold rates comes as it weighs the impact of a monetary easing programme that includes a five trillion yen ($61 billion) asset purchase scheme to lower borrowing costs and boost liquidity. The BoJ also maintained its earlier forecast that consumer prices would rise in the 2011 fiscal year that begins in April, but raised its inflation expectations for that year to reflect rising commodity prices. "Japan's economy still shows signs of a moderate recovery, but the recovery seems to be pausing," the central bank said in a statement, keeping its broad assessment unchanged. The bank also raised its growth assessment for this fiscal year to 3.3 percent, from an earlier forecast of 2.1 percent despite its own assessment that exports were "somewhat weak". The policy board voted unanimously at the end of a two-day meeting to leave its key rate in a 0.0 percent -0.1 percent range. Japan remains mired in crippling deflation, as falling prices prompt consumers to hold off on purchases in the expectation of further price drops, clouding future corporate investment. The BoJ stuck to its view deflation will end in fiscal 2011 but said the core consumer price index, excluding volatile food items, would rise 0.3 percent, instead of the previously forecast 0.1 percent, due to higher commodity prices. And it maintained its earlier projection for prices to increase 0.6 percent in fiscal 2012 as the economy gradually overcomes deflationary pressures that have dragged down growth. "The bank's baseline scenario predicts that Japan's economy is expected to gradually overcome the deceleration in the pace of improvement and return to a moderate recovery path," the BoJ said in a statement. "The growth rate of the global economy is likely to start increasing again, led by emerging and commodity exporting economies." But analysts warned that Japan's reliance on external trade left it exposed to the strength of the yen, which reduces the competitiveness of its exports while making imports cheaper, encouraging deflation. "It is striking how much the bank's hopes that Japan will overcome its current weakness are dependent on the global recovery accelerating," said Capital Economics in a research note. With unemployment still high and the strength of the yen pressurising import prices, "it is hard to see what economic forces could create a meaningful return to inflation on the Policy Boards forecast horizon." Government stimulus measures have helped boost domestic production and consumption, including subsidy programmes for purchases of environmentally friendly vehicles and appliances. Japan's hottest summer on record last year boosted sales of goods such as air conditioners, while consumers made the most of car purchase subsidies before their expiration. However, economists expect a slight contraction in the final quarter of 2010 and warn that the bank may yet be forced to ease policy further this year, such as by expanding its asset-purchasing programme. Bank of Japan Governor Masaaki Shirakawa said Tuesday that Japan's economy was likely to return to a moderate recovery path soon, but added that "it is difficult to say whether this will happen in the January-March quarter." Japans parliament convened on Monday to mull Prime Minister Naoto Kans record 92.4 trillion yen annual budget to shore up an economy burdened by a debt that is forecast to grow to more than 200 percent of GDP this year. The central bank issues its long-term economic and price forecasts in April and October each year, and reviews them in January and July. The BoJ has pledged to maintain its loose monetary policy "in order for Japan to overcome deflation and return to a sustainable growth path with price stability." 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