While the BOJ is likely to stick to its assessment that the economy is recovering moderately, pessimists on the board may propose offering a bleaker view on components such as factory output, say sources familiar with the bank’s thinking. “It’s pretty clear from data out so far that the economy is undershooting the BOJ’s forecast,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. The BOJ cut its assessment on exports earlier this month to say they were “weakening” but left intact its view that factory output, while also weakening, continues to “rise as a trend”.