BOJ trims GDP growth outlook
By Tomoko A. Hosaka |
October 29, 2010, Friday
|
Print Edition
Print Edition
JAPAN'S central bank cut its economic growth forecasts yesterday and kept interest rates near zero, as the export-reliant nation confronts a strong yen and waning overseas demand.
In its October outlook report, the Bank of Japan forecast the world's No. 3 economy to grow 2.1 percent in the year through March 2011 and 1.8 percent the following year. Its July assessment projected gross domestic product growth of 2.6 percent and 1.9 percent respectively.
"The economy still shows signs of a moderate recovery, but the pace is slowing down as growth in exports and production has recently been decelerating," the central bank said.
It also blamed the yen, which has risen to near historic highs versus the dollar, and the winding down of government stimulus measures.
Earlier in the day, BOJ left interest rates untouched and offered new details of a US$61 billion asset purchase program intended to spur lending to companies.
As expected, the nine-member policy board voted unanimously to keep its key interest rate at zero to 0.1 percent. BOJ at its meeting earlier this month tweaked the interest rate for the first time since December 2008.
In its October outlook report, the Bank of Japan forecast the world's No. 3 economy to grow 2.1 percent in the year through March 2011 and 1.8 percent the following year. Its July assessment projected gross domestic product growth of 2.6 percent and 1.9 percent respectively.
"The economy still shows signs of a moderate recovery, but the pace is slowing down as growth in exports and production has recently been decelerating," the central bank said.
It also blamed the yen, which has risen to near historic highs versus the dollar, and the winding down of government stimulus measures.
Earlier in the day, BOJ left interest rates untouched and offered new details of a US$61 billion asset purchase program intended to spur lending to companies.
As expected, the nine-member policy board voted unanimously to keep its key interest rate at zero to 0.1 percent. BOJ at its meeting earlier this month tweaked the interest rate for the first time since December 2008.
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