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Strategies & Market Trends : The coming US dollar crisis
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To: Real Man who wrote (16729)1/26/2009 8:53:04 PM
From: Giordano Bruno  Read Replies (1) of 71456
 
BOJ Minutes Say Economic Conditions "An Emergency"
1/26/2009 8:43 PM ET

(RTTNews) - In trimming its overnight call rate by 20 basis points to 0.10 percent, some board members of the Bank of Japan called current economic conditions "an emergency," minutes from the December 18 and 19 monetary policy meeting revealed on Tuesday.

The minutes also showed that all of the board members expect financial conditions to worsen further, and some expect the Japanese economy to contract in fiscal years 2008 and 2009. Financial conditions are "deteriorating sharply," the minutes continued, adding that "drastic measures" were needed.

"With regard to domestic private demand, business fixed investment had declined, mainly due to the decrease in corporate profits and the deterioration in business sentiment," the minutes said. "It was likely to decline significantly for the time being, mainly due to the further slowdown in overseas economies, the decrease in corporate profits, and the deterioration in firms' funding conditions."

The rate cut was approved by a vote of 7 to 1, with only board member Tadao Noda voting against the action - who said he wished to avoid a course of action that he felt could lead to further weakening of market conditions.
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