BOJ cut its CPI forecast for the year

As widely expected, the Bank of Japan held off on expanding its massive stimulus program today and cut its core consumer inflation forecast for the year beginning in April to 1% from 1.7%. The BOJ unexpectedly expanded monetary stimulus in October last year as soft domestic demand and slumping oil prices slowed consumer inflation. However, oil prices have lost nearly half of their value since then, keeping the central bank under pressure.