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Bank of Japan holds rate, ups economic view

(Xinhua)
Updated: 2009-06-16 14:42

TOKYO -- Japan's central bank on Tuesday upgraded its assessment of the Japanese economy for the second straight month, while keeping the uncollateralized overnight call rate at around 0.1 percent.

"Japan's economic conditions, after deteriorating significantly, have begun to stop worsening," the Bank of Japan (BOJ) said in a statement.

Related readings:  Japan revises Q1 GDP, recession lingers on  Japan sets 2020 emission targets  Chinese vice premier wraps up Japan visit  China, Japan hold second high-level economic dialogue  Times bad for Japan, but worst may be over

It said domestic private demand has continued to weaken against the background of declining corporate profits and the worsening employment and income situation, while exports and production and public investment have turn upward.

"Japan's economy is likely to show clearer evidence of leveling out over time," according to the BOJ's statement.

But the central bank also pointed out the financial conditions have generally remained tight.

In its previous assessment in May, the BOJ had said, "Economic conditions have been deteriorating, but export and production are beginning to level out against the backdrop of progress in inventory adjustments both at home and abroad."

The May assessment marked the BOJ's first upgrading of its economic assessment in almost three years as it dropped the word " substantially" in describing the pace of deterioration.

The Bank of Japan (BOJ) last cut its target rate for unsecured overnight call money in December, lowering the rate from 0.3 percent.

To counter the financial crisis, the BOJ had expanded the range of eligible collateral since last autumn to ensure stability in financial markets. It decided to accept bonds issued by the governments of the United States, the United Kingdom, Germany and France as eligible collateral.