TOKYO (AP) — Japan’s central bank was meeting Wednesday to assess the status of the country’s economic recovery, as monthly data showed industrial output and wage growth falling short of expectations.
Economists are not expecting an immediate move by the Bank of Japan to relax already ultra-loose monetary policy following an April 1 tax hike that is likely to sap growth as consumers adjust to higher costs.
But pressure for more action is building with signs the recovery was weaker than expected ahead of the tax hike.
The government said industrial output rose 0.3 percent in March from the month before, better than the 2.3 percent decline in February but still meager given the jump in retail sales before the tax hike took effect. Base wages fell 0.4 percent from a year earlier.