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Jun 16, 2009, 10:24 GMT

Bank of Japan upgrades economic outlook (Roundup)

Tokyo - Japan's central bank on Tuesday upgraded the nation's economic assessment for the second month in a row but kept its key short-term interest rate steady. 'Japan's economic conditions, after deteriorating significantly, have begun to stop worsening,' Bank of Japan Governor Masaaki Shirakawa said at a press conference. As imports and industrial output as well as public investment begin to show recovery, the bank said Japan's economy 'is likely to show clearer evidence of leveling out over time' in the coming months. But the Bank of Japan expressed concern over continued deterioration of private demand as corporate profits have declined and increasing unemployment rate as well as income drops. The bank decided to hold its overnight call rate at 0.1 per cent in a unanimous vote at its two-day policy board meeting that ended Tuesday. There are still 'high downside risks,' to the economy and prices, the bank said. Economists expect Japan's economy to grow for the first time in five quarters in the current April-June quarter. The central bank last month upgraded its economic overview for the first time in nearly three years.

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