Bank of Japan Governor Shirakawa warns Japan economic outlook 'very severe'

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Japan economic outlook 'very severe'
Bank of Japan Governor, Masaaki Shirakawa, said on Saturday, at a financial committee meeting in the lower house of parliament, that the Japanese economy was going through a critical phase and that the central bank would take the appropriate measures to support the economy.

The Bank of Japan (BOJ) had said in its twice-yearly outlook report on the economy that Japan's recovery from the quake would accelerate from October. BOJ had revised upwards its estimate for core consumer price inflation in the current fiscal year.

The Bank of Japan kept monetary policy unchanged on Thursday even as it lowered its growth forecasts and estimated that the economy tipped into recession early this year.

After the policy meeting on Thursday, Shirakawa said, "For the time being, we need to focus on downside risks to the economy from the quake's impact."

Read more about: bank of japan, economy
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