Japan revises down economic growth forecast for current fiscal year, Yen unfazed

Ahead of Tuesday’s Bank of Japan (BOJ) monetary policy decision and Q2 economic forecasts, the Japanese Cabinet Office published its outlook, with the key highlights found below.

FY 2019 real GDP growth estimate lowered from 1.3% to 0.9%

FY 2020 real GDP growth estimate of 1.2%

FY 2019 consumer inflation estimate of 0.7%

FY 2020 consumer inflation estimate of 0.8%

The Japanese currency shrugged-off the downward revision, with USD/JPY pair playing the range game around 108.60 region ahead of key event risks.