Gloom and doom at the Bank of Japan


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BOJ's Shirakawa says conditions to deteriorate

Central bank governor warns Tokyo gathering that economy is worsening

HONG KONG (MarketWatch) -- Bank of Japan Gov. Masaaki Shirakawa said Friday the Japanese economy is worsening and the downturn has yet to run its course, according to reported comments.

Shirakawa, speaking at the central banks' quarterly branch managers' meeting in Tokyo, warned employment and wage conditions would deteriorate further and that company earnings and the ability to raise funds remain under intense pressure.

"Under these circumstances, the possibility is high that the nation's economy will continue deteriorating for the time being," Dow Jones Newswires quoted Shirakawa as saying.
The tone of the comments reflected a deep sense of gloom, raising the likelihood the central bank would revise down its growth outlook when it releases its semiannual outlook report on the economy April 30.{A18CC71E-1964-4E93-AAE9-AFB7C002D928}
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