Bank of Japan halves fiscal year economy growth outlook to 0.5pc

TOKYO: Bank of Japan (BoJ) policymakers on Friday halved their economic growth outlook for the current fiscal year, citing lacklustre exports and slack consumer spending after an April sales tax rise dented activity.

The BoJ, which also ramped up its monetary easing plan Friday in a bid to counter the downturn, said it now expects the world's third largest economy to expand 0.5 percent in the year to March, well down from a 1.0 percent growth forecast in July.