The economy will probably not make an immediate transition to a self-sustained recovery, even if the government's 16 trillion yen stimulus package is implemented, the Bank of Japan reckoned in a report Thursday.
According to the BOJ's monthly report on recent economic and financial developments for August, the country's economic condition is continuing to deteriorate, with production, income and expenditures all declining.
The central bank has been cautious about gauging the impact of the government's stimulus package since its report in July, when it gave its first-ever official assessment of a stimulus plan. The package, announced earlier this year, features public works projects and one-time tax cuts for this year.