With unemployment high, capital expenditures slowing and exports and production entering the doldrums, the Bank of Japan had little good news to report after its quarterly meeting of branch offices Monday.
BOJ Gov. Masaru Hayami opened the meeting by repainting his gloomy portrait of the current state and outlook for the economy.
"The nation's economic recovery is stalling due to deceleration in exports . . . and will likely remain stagnant for some time," Hayami said.