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Bank of Japan Gov. Haruhiko Kuroda will fail to reach his goal of stable 2% price growth during his term, after what will have been more than a decade of stimulus to stoke inflation, according to the bank’s latest forecasts.

Even with an economy expected to show a faster recovery from the COVID-19 pandemic, a slew of rising commodity costs and global expectations for accelerating inflation, the BOJ still couldn’t find enough positive factors to see price growth averaging 2% by the end of March 2024.

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