In fiscal 2012, the Japanese economy was expected to continue growing at a pace above its potential growth rate, as the transmission mechanism by which the strength in exports and production fed through into income and spending would likely operate more effectively amid the continued relatively high growth in overseas economies, especially emerging and commodity-exporting economies.
Forecasts made by the nine members of the Bank’s Policy Board in October were as follows. The median of the forecasts for Japan’s real GDP growth rate was 2.1 percent for fiscal 2010, 1.8 percent for fiscal 2011, and 2.1 percent for fiscal 2012.