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Strategies & Market Trends : The coming US dollar crisis
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To: ggersh who wrote (16433)1/23/2009 2:35:51 AM
From: RockyBalboa  Read Replies (1) of 71456
 
BOJ Says Japan Economy ‘Deteriorating Significantly’ (Update1)
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By Toru Fujioka

Jan. 23 (Bloomberg) -- The Bank of Japan said the nation’s economy is worsening “significantly,” downgrading its assessment for the third straight month.

“Japan’s economic conditions have been deteriorating significantly,” the central bank said in a report in Tokyo today, using the most pessimistic language to describe conditions since January 1998, when they started publishing the report.

The global slowdown has spurred record declines in exports and factory output in the world’s second-largest economy and the central bank expects the slump to deepen. Governor Masaaki Shirakawa and his policy board said yesterday they expect gross domestic product to shrink 1.8 percent in the year ending March 31 and 2 percent the following year.

“Financial conditions in Japan have become tighter,” the bank said in the report. “The stimulative effects” from low interest rates “have become increasingly limited given the significant deterioration in economic activity.”

The bank cut its benchmark interest rate to 0.1 percent from 0.3 percent in December.

Japan’s exports plunged 35 percent in December, the most on record, from 27 percent in November, a report showed yesterday. Factory output dropped 8.5 percent in November, the most in more than 50 years.

To contact the reporter on this story: Toru Fujioka in Tokyo at tfujioka1@bloomberg.net
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