Tuesday, 1st December 2009
In Business In Japan,
Bank of Japan reveals stimulus measures
The Bank of Japan has announced a number of new measures to try and help the country's economic issues.
The bank will boost the Japanese economy by giving 10 trillion yen to financial services providers in the form of loans, which will then be used in lending to businesses and people.
After a meeting of the Japanese cabinet today (December 1st), financial minister Hirohisa Fujii said that the package is aimed at helping to deal with deflation in the country, which is being made more severe by a rapidly rising yen.
As well as announcing the stimulus, the bank said that it is to keep interest rates at 0.1 per cent.
However, director at Mizuho International Seijiro Takeshita called for the bank to take more action to help boost the ailing Japanese economy, such as buying government bonds, reported the BBC.
Japan has recently emerged from its worst recession since the end of the second world war and is also struggling with deflation.
Written by Kimberley Homer.
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