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August 30, 2010    

Bank of Japan boost lending

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by Gill Montia
Bank of Japan boost lending

Bank of Japan (BoJ) has announced new measures aimed at enhancing “easy monetary conditions” and holding back the rise in the value of the yen.

Following an unscheduled meeting of its Monetary Policy committee, the Bank is to provide the country’s lenders with and additional 10 trillion yen in six-months funds, in a move that will extend a previous loan facility to 30 trillion yen.

BoJ has explained its actions saying: “Japan’s economy shows further signs of a moderate recovery, and it is likely to be on a recovery trend.”

However, the Bank added: “Uncertainty about the future, especially for the US economy, has heightened more than before, and the foreign exchange and stock markets have recently been unstable.”

As a consequence, the yen has recently risen sharply against the dollar, threatening Japan’s export and technology driven economy and BoJ has therefore judged it necessary to “pay more attention to the downside risks to the outlook for Japan’s economic activity and prices”.

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