TOKYO (voa) – Japan’s central bank has upgraded its assessment of the country’s economy, for the first time in nearly two years.In its latest economic report issued Friday, the Bank of Japan said that although the economy continues to worsen, the downward pressure appears to be easing.
It cited an improvement in Japanese exports and a reduction in stockpiles of unsold goods.The bank took no action to further loosen monetary policy in Japan. It has acted many times to try to stimulate the economy since its last positive assessment of conditions in July of 2000.
Last week, the Japanese government issued its own report, saying there are signs the country’s economy has bottomed out. However, private analysts say the government needs to implement reforms like easing regulations, encouraging investment and cleaning up the nation’s debt-ridden banking system.
Japan has been in an economic slowdown for more than 10 years. Previous government efforts to stimulate growth have largely failed.
