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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Bank of Japan announces fresh easing measures AFP - Monday, August 30 Send IM Story Print Bank of Japan announces fresh easing measures TOKYO (AFP) - – The Bank of Japan on Monday responded to government pressure to counter a strong yen by extending a multi-billion-dollar loan programme, but the move was viewed with disappointment by markets. The decision came after an emergency meeting called in response to strong government pressure to try to curb the yen's rise and support an economy mired in deflation, after the unit hit a 15-year high against the dollar last week. Fears for the health of the global economy have increased in recent weeks, and US Federal Reserve chief Ben Bernanke on Friday vowed to act if "unexpected developments" further threaten the shaky US recovery. BoJ governor Masaaki Shirakawa returned to Tokyo on Sunday from the United States, a day earlier than planned, for the hastily convened gathering after the government stepped up pressure on the bank. The central bank said it would offer around 10 trillion yen (118 billion dollars) in six-month low interest loans in addition to the 20 trillion yen of an existing three-month loan programme that started in December. Domestic financial institutions will therefore be able to borrow a total of 30 trillion yen from the central bank for maximum of six months against pooled collateral. The move would help lower interest rates in the market place with a view to easing the yen's strength, said the bank, which also left its key interest rate unchanged at 0.1 percent. "The Bank believes that the monetary easing measure, together with the government's efforts, will be effective in further ensuring Japan's economic recovery." However, markets took a dim view of the widely expected steps, with the yen rising and the Nikkei index seeing earlier three percent gains erased. In Tokyo, shares were trading 1.79 percent higher in the afternoon session. The yen gained to 85.39 against the dollar from 85.74 before the BoJ announcement. "The BoJ step may not be able to weaken the yen much," RuiXue Xu, rates strategist at RBS Securities Japan, told Dow Jones Newswires. "Investors had completely factored in the announced steps." Government officials last week hardened their rhetoric as they sought to talk the yen down from recent highs, heaping pressure on the Bank of Japan to do more to help an economy saddled by weak growth and nagging deflation. "If the BoJ had not done anything, the yen would have risen further," said Yoshikiyo Shimamine, chief economist at Dai-ichi Life Research Institute. "But in terms of real economic activities, the latest measures serve little to boost the economy as there is no demand to borrow money amid such currently bad business sentiment." Japan has long relied on its export sector for economic growth. The country remains under pressure to safeguard its fragile recovery, with weak gross domestic product growth of an annualised 0.4 percent in the second quarter pointing to a slowdown. And dreary consumer price data Friday cast a darker shadow over the government's goal of ending deflation in the fiscal year starting April 2011. A strong yen makes imports cheaper, helping keep prices low and maintain a damaging cycle of deflation, which was again evident in July where core consumer prices eased 1.1 percent, the 17th consecutive monthly fall. Persistent deflation prompts consumers to defer purchases in the hope of further price falls and deters corporate capital spending. Prime Minister Naoto Kan said he would decide on the outline of a package of further stimulus measures later Monday, with one focus on helping new school graduates find jobs. 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