BOJ defers stimulus on economic pickup
Print Edition
THE Bank of Japan yesterday held off launching more stimulus as its chief said the world’s No. 3 economy was on the upswing, days after data showed stronger-than-expected growth in the first quarter.
The upbeat figures eased pressure on policymakers who kept the central bank’s annual 80 trillion yen (US$662 billion) monetary easing program in place after a two-day meeting. But some analysts say further action will be needed later in the year.
On Wednesday the government released figures showing Japan’s economy, which sank into a brief recession last year, expanded by a better-than-expected 0.6 percent from the previous quarter.
In annual terms, the economy grew 2.4 percent in the January-March period — well ahead of tepid growth in the United States — as capital spending and the housing market showed signs of strength, although exports dipped slightly and consumer spending was weak.
BOJ governor Haruhiko Kuroda said yesterday the stronger data was behind the central bank’s more upbeat view.
“It is not that something about the economy dramatically changed — it has been steadily improving,” he said.
“That improvement is likely to continue, and so we have taken a step forward in our assessment to fit the current situation.”
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