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To: Tommaso who wrote (8641)	10/14/1998 9:35:00 PM
From: Joseph G.	Read Replies (1) \| Respond to of 86076

<<TOKYO, Oct 15 (Reuters) - Japan's economy is still deteriorating, the Bank of Japan said on Thursday, but it expressed hope that government measures on the economy and banking sector would improve the situation. ''Japan's economic conditions continue to deteriorate,'' the BOJ said in its monthly report. The report expressed hope that a 16 trillion yen fiscal stimulus package announced in April would help ease the economic downturn in the October-March second half of this fiscal year. The report also expressed ''strong hope'' that bills that cleared the Lower House of parliament this week, providing for public fund injections into weak banks, will restore ''the functions of, and confidence in, the financial system.'' The monthly report was adopted on Wednesday by the BOJ's Policy Board, which decided by majority vote to keep its record low interest rates unchanged. The report also said: It is unlikely that the economy will recover quickly as output, income and spending remain in a negative cycle. It would be favourable for the government to quickly flesh out promised tax cuts and public works spending, given that they will have both a direct and psychological effect on companies and consumers. * Corporate sales and profits are worsening rapidly as personal spending and industrial output decline. * Corporate business sentiment has worsened greatly and consumer sentiment has become more cautious >>