BUSINESS / Economy

BOJ leaves assessment, monetary policy unchanged despite recession

A man walking by a stock index board is reflected in raindrops on a car window in Tokyo. Despite last quarter's GDP data, which show the nation is in a recession, the Bank of Japan retained its upbeat view Wednesday that the economy is recovering. | REUTERS

By Atsushi Kodera
Staff Writer

Nov 19, 2014

The Bank of Japan on Wednesday left its assessment of the economy largely unchanged despite the second-quarter gross domestic product data released Monday indicating Japan has slipped into a recession.

The central bank's statement on monetary policy said the economy "has continued to recover moderately as a trend," unchanged from the previous release Oct. 31.

It noted that "some weakness particularly on the production side," due mainly to the backlash from front-loaded demand ahead of the April 1 consumption tax hike from 5 percent to 8 percent.

BOJ leaves assessment, monetary policy unchanged despite recession

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