Japan’s central bank has announced new measures to try to spur economic growth there.
It is an admission that the near-term recovery in the world’s third largest economy is fading as exports weaken and growth in China slows.
The Bank of Japan is to buy more government bonds and for a longer period.
That is supposed to encourage borrowing and spending and make Japan’s exports more competitive.
This follows similar steps by central bankers in the United States and Europe.
Purchases of government bonds keep downward pressure on interest rates and the yen. The stronger yen has made Japanese products more expensive relative to other countries’ exports.
The yen slipped to a one-month low against the dollar, cash bonds rose and Tokyo’s Nikkei stock average hit a four-month high on the decision to offer the bigger-than-expected stimulus earlier than had been expected.
Recent weak data, including a slump in exports and factory output, has made Japanese central bankers less convinced that global demand will soon pick up to help a recovery in the export-reliant economy
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