Japanese government: Inflation not seen to reach 2% until 2024

The Japanese government, its latest medium-to-long-term economic and fiscal projections, submitted earlier this Wednesday, once again lowered its inflation forecast and do not see it reaching the 2% target until 2024.

Key highlights:

   •  Inflation was seen reaching 2% during the fiscal year 2023 in the most optimistic scenario.
   •  The real GDP growth is estimated to hover around 1% in the coming years under the baseline scenario.
   •  The government earlier had lowered it's fiscal 2019 real GDP growth forecast to 0.9% from 1.3%.
   •  Real and nominal GDP growth expected at 2% and above 3%, respectively, from fiscal 2023.
   •  The primary budget was seen in the red through the forecast period to fiscal 2028.