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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Bank of Japan upgrades assessment of economy By JAY ALABASTER,Associated Press Writer AP - 2 hours 19 minutes ago TOKYO - Japan's central bank on Friday upgraded its assessment of the world's second-largest economy, taking a cautiously upbeat stance that recession may be easing. ADVERTISEMENT The Bank of Japan's eight-member policy board voted unanimously to leave its overnight call rate at 0.1 percent, a move that was widely expected. The low rate is in place to encourage lending and the flow of capital, but there is little room to cut it further. But the central bank modestly upgraded its economic assessment. It said the economy was still deteriorating, but exports and production are beginning to level out. Previous assessments said the economy had been deteriorating significantly. This is a glimmer of good news for big names in Japan's corporate ranks such as Sony and Toyota, for which sales abroad are a major source of profit. Such companies have booked huge losses, cut workers and shut down plants as they feel the effects of a global economy mired in recession. Hope for an end to the current malaise has come from other areas as well. Earlier this week, government data showed Japan's economy shrank at a record 15.2 percent annual pace in the first quarter, the biggest drop since the country began compiling such numbers in 1955, but the numbers also raised hopes that the worst is over. The current administration is banking on elephantine spending packages to spark a turnaround. Prime Minister Taro Aso's latest $150 billion stimulus package includes incentives to buy energy-efficient appliances and cars, plus help for the unemployed and small businesses. With interest rates near zero, the Bank of Japan has tried to shore up the balance sheets of the country's banks and other lenders. The central bank takes some financial risk off of such companies' books by buying up commercial paper, corporate bonds and even stocks. On Friday, the central bank also said it would accept foreign bonds in foreign currencies as collateral from banks when providing credit for market operations, which could make it easier for such banks to raise funds. Email Story IM Story Printable View Blog This Sign in to recommend this article » 1 user recommend Related Articles: China's Economy Taiwan-China business ties grow as barriers fallAP - 1 hour 38 minutes ago Australia retailer freezes top pay as economy bitesReuters - 2 hours 8 minutes ago Bank of Japan upgrades assessment of economyAP - 2 hours 19 minutes ago China's Shenzhen wants to spread: reportAFP - Friday, May 22 Related Articles: Business SKorea, EU aim to make progress on FTA at summitAP - 2 hours 17 minutes ago Bank of Japan upgrades assessment of economyAP - 2 hours 19 minutes ago Asian markets fall as investors rethink rallyAP - 2 hours 40 minutes ago Virgin chief hits back over sexism chargeAFP - 2 hours 56 minutes ago China's Shenzhen wants to spread: reportAFP - Friday, May 22 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Vitamin D boosts brain power in middle-aged men ABN Amro says up to 5,000 job to go in merger Popular cereal is a drug, US food watchdog says S&P issues warning on UK economy credit rating Explorer Ranulph Fiennes climbs Everest View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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