THE International Monetary Fund has boosted its forecast for Japan's economy this year and 2014, saying the latest fiscal stimulus will help the country exit years of deflation.
In its latest World Economic Outlook, the IMF tipped Japan's economy to grow 1.6 per cent in 2013 and 1.4 per cent the next year, up from its January forecast of 0.4 per cent and 0.7 per cent.
The IMF also said consumer prices will edge up 0.1 per cent on-year in 2013, but rocket 3.0 per cent in 2014, thanks to the Bank of Japan's fresh monetary easing announced this month.
That compares with zero per cent inflation in 2012, while the Fund's 2014 forecast is much higher than Tokyo's target of two per cent.
"After many years of deflation, and little or no growth, the new government has announced a new policy, based on aggressive quantitative easing, a positive inflation target, fiscal stimulus, and structural reforms," the Fund said.
"This policy will boost growth in the short term" and that is reflected in the IMF's latest forecasts, it said.
Since coming to power in December, Japanese Prime Minister Shinzo Abe has embarked on a huge stimulus spending program and appointed a new central bank chief who agreed on the need to take aggressive monetary easing to save the fragile economy from years of deflation.
Two weeks ago BoJ governor Haruhiko Kuroda unveiled plans to speed up the printing presses, doubling the amount of money in circulation over the next two years as it targets two per cent inflation within two years.
The IMF said the BoJ's new monetary easing framework "is welcome" but with a caveat: "For (the BoJ) to be successful and achieve two per cent inflation within two years, easing must be accompanied by ambitious growth and fiscal reforms to ensure a sustainable recovery and reduce fiscal risks."
Referring to Japan's accumulated public debt that sits above 200 per cent of gross domestic product, the IMF said Japan needs "strong medium-term plans to arrest and reverse the increase" in public debt.
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