15 August 2001, 09:22 BoJ downgrades economic assessment; economic adjustment intensifying further
TOKYO (AFX-ASIA) - The Bank of Japan downgraded its economic
assessment, saying in its August report that adjustments in economic
activity are intensifying further in line with a deterioration of
production activity and the slowdown in the global economy.
This is the third consecutive month that the central bank has
downgraded its assessment of the economy.
"Adjustments in economic activity are intensifying further,
reflecting a substantial decline in exports and production," the BoJ
said in its report.
In its July report, the central bank had said that "adjustments in
economic activity are intensifying as production is declining
substantially, reflecting a fall in exports."
Based on the new analysis, the Bank of Japan yesterday decided to
ease monetary policy, boosting the target for outstanding current
account balances to 6 trln yen from 5 trln and increasing purchases of
long-term government bonds to 600 bln yen a month from 400 bln.
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