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Bank of Japan says economy still grim but weak yen could help
The Bank of Japan has left a grim assessment of Asia's largest economy unchanged as weak demand erodes recovery chances.
In its monthly report for January, the central bank said Japan's economy is deteriorating broadly as private consumption is weakening in addition to a decline in exports and business fixed investment.
But the expectation that hi-tech firms will reduce troublesome stockpiles in the spring "has become dominant."
Last month the Band of Japan said inventories remained excessive.
As well, it says the yen's depreciation is expected to underpin exports.
The yen has lost almost 10 percent in value against the dollar over the past two months as dismal data confirmed the Japanese economy has sunk into recession for the third time in a decade.
18/01/2002 2:45:45 AM | ABC Radio Australia News
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