|09-09-2014, 01:59 PM||#1|
BOJ: Japan`s economy continue to recover moderately
The Bank of Japan released its August 7-8 meeting minutes saying that the world`s third largest economy continue to recover moderately, while the board members are expecting an increase in exports to be seen soon.
Monetary policy makers said that the price target is set based on CPI for all items, while they emphasized on the importance of if monitoring economic developments behind price data.
Furthermore, the central bank ensured that it will continue to monitor risks and it will adjust its monetary policy whenever it is needed.
The final reading of Japan`s Gross Domestic Product (GDP) showed the economy shrank 1.8% in the second quarter of 2014 compared with a previous contraction by 1.7%, and the reading met analysts` estimates.
On the yearly record, the GDP contracted 7.1% in the quarter ended June, following a contraction by 6.8%, and the reading came worse than median estimates that referred to a 7.0% contraction.
Nevertheless, Prime Minister Shinzo Abe signaled last week that he is arranging with the central bank to prepare a new stimulus package to be pumped into Japan`s financial system to help in supporting the economy before a new sales tax hike take place in 2015 from 8% to 10%.
The new stimulus measures aim at realizing the targeted inflation of 2%, in addition to establishing a steady recovery that can be strong enough to get the world`s third largest economy out of recession.
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