Thursday, 17th September 2009
In Business In Japan,
Bank of Japan hails economic recovery signs
The Bank of Japan has tentatively said that there are signs of economic recovery in the country.
According to the financial institution, the economy in Japan has "stopped worsening" and there are some signals that the economy may be beginning to get back on its feet.
Following a meeting yesterday (September 16th), the bank voted to keep its unsecured overnight call loan rate unchanged at 0.1 per cent.
However, governor of the Bank of Japan Masaaki Shirakawa still warned that some companies will be facing difficult times in the near future.
He told reporters that a stronger yen could potentially support the economy in the long term.
"If the yen becomes stronger, that could push prices down in the short term. But certainly, that may help boost the economy in the long run," he said, according to Dow Jones New Wires.
Japan has recently emerged from its deepest recession since the end of the Second World War, but unemployment in the country is still high.
Written by Mark Smith.
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