The Bank of Japan said Friday it expects prices to rise as a result of its ambitious stimulus plan, even as a separate report showed deflation accelerated last month.
Japan's consumer price index fell by 0.5% in March, the government said. Prices have now declined for five consecutive months, underscoring the monumental task facing Governor Haruhiko Kuroda as he works to reverse 15 years of deflation.
Deflation, or falling prices, has a chilling effect on economic growth. It can encourage consumers to hold back on spending in the belief that prices will decline in the future.
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