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Post by bot on Nov 16, 2011 9:32:39 GMT -5
Bank of Japan cuts economic outlook, holds rates from MarketWatch.com - MarketPulse LOS ANGELES (MarketWatch) -- The Bank of Japan cut its economic outlook Wednesday, citing weaker global conditions, while voting unanimously to keep its interest-rate target at 0-0.1%, as expected. "Japan's economic activity has continued picking up, but at a more moderate pace," the Bank of Japan said in a statement accompanying the policy decision. It said exports and production were still growing, but at a slower rate. "Japan's economy will face an adverse effect from the slowdown in overseas economies and the appreciation of the yen, as well as from the flooding in Thailand. After that, the economy is expected to return to a moderate recovery path," it said. The Japanese yen had little reaction to the decision, with the U.S. dollar buying ¥77.04, barely changed from ¥77.08 in late North American trade Tuesday.
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