BoJ’s outlook remains optimistic despite drop in business confidence

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Wednesday April 06, 09:18

BoJ’s outlook remains optimistic despite drop in business confidence

(by Sh.Nakata)

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BoJ’s outlook remains optimistic despite drop in business confidence

Bank of Japan’s economic outlook remains optimistic despite some worrying signs from the business confidence indicators, according to the bank’s top official Toshihiko Fukui.

BoJ’s governor stressed that the second-largest economy on the globe is continuing its way towards the recovery. ``Exports show signs of recovering and profits are improving,’’ he said. ``The mechanisms for a recovery are well in place.’’

The interest rate is predicted to be held at a zero point in an attempt to stimulate the economy’s recovery that had been in a recession for a long time and only keeps pace due to the technology bolster.

The yen rose from a four-month low after central bankers voted to keep interest rates at zero on Wednesday.

Mr. Fukui said that BoJ has to pay attention to its reserves «to account for weak demand for cash among Japanese banks», according to Bloomberg. ``Today’s discussion was about how demand for cash is receding in financial markets and whether we need to make a minimum adjustment to it,’’ he added.

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