The Japanese economy is “starting to recover modestly”, according to the latest assessment from the Bank of Japan (BoJ). It expressed cautious optimism as it left its recently-launched monetary easing programme unchanged.
“With regard to the outlook, Japan’s economy is expected to recover moderately on the back of the resilience in domestic demand and the pick-up in overseas economies,” read a statement issued by the BoJ.
It is the first time the BoJ has described the world’s third largest economy as being on the path towards expansion in more than two years, although it has been flagging up a steady improvement since the start of this year. The bank will continue its policy of pumping more than 60 trillion yen (JPY), (US$606bn; £402bn) per year into the economy.
BoJ governor, Haruhiko Kuroda, also reaffirmed that the central bank’s current monetary easing programme is sufficient to achieve a 2% inflation target in two years for Japan.
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