Wednesday, 22nd May 2013
In General Japan News,
Bank of Japan states economy's 'picking up'
The Bank of Japan has hinted that so-called Abenomics, the name given to describe policies advocated by Prime Minister Shinzo Abe to bring the country out of recession, may be working.
The central bank stated that the economy is "picking up," although in a statement it also warned that there still exists a "high degree of uncertainty concerning Japan's [economic situation]".
Exports rose by 3.8 per cent in April compared to the same period in 2012 and Japan's economy has grown by 3.5 per cent over the past four months.
However, the trade deficit increased again in April making this the tenth consecutive month that it has widened.
It is hoped that by injecting fiscal and monetary stimulus into the country, along with structural reforms, Japan's economy will begin to bounce back.
Businessinsider.com recently suggested that Japanese citizens are increasingly investing in luxury items which is a sign that Abenomics is having the desired effect on the economy.
It cited the fact that people are buying £13,000 watches as evidence that consumers are willing to spend again.
Related news stories:
Japanese banks to boost ATM availability for tourists (17th March 2015)
Bank of Japan to 'sit tight' on interest rates (3rd September 2008)
Finance minister says 'poor English' saved Japanese banks (1st July 2013)
Japan bank files for bankruptcy (13th September 2010)
Japan banks scrap merger (14th May 2010)