Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economic Indicators

15 Apr 2022

Bank of Japan Gears Up to Forecast Highest Inflation in 30 Years

The Index Today

The Bank of Japan (BOJ) is expected to announce the highest annual inflation in 30 years later this month when the central bank is due to refresh its financial forecasts.

According to Bloomberg News, this will put BOJ Governor Haruhiko Kuroda in a tough spot as he insists on relying on stimulus even as other central banks across the world hike interest rates to counter soaring inflation.

As per a survey, economists predict key consumer prices to rise by 1.8% for the year beginning in April, in contrast to the BOJ’s forecast of 1.1%. However, analysts at SMBC Nikko Securities place the inflation spike for this fiscal year at 2.5%, reported Bloomberg News.

Hamagin Research Institute’s Chief Economist Eiji Kitada said, “The BOJ will try to make it clear that it won’t pivot even with an upgrade of its inflation forecast.” He added, “It’s just natural to upgrade the inflation outlook after energy prices have soared. What’s important is how they judge its sustainability.”

©Photo: Reuters

Clay pottery with table linens