12 July 2012 10:30 [Source: ICIS news]
All eyes are fixed on
Monetary authorities of different countries in Asia have been acknowledging the downside risks and challenges to economic growth posed by the prolonged eurozone debt crisis, as well as by the continued weakness in the
The Bank of Korea slashed its policy rates by 25 basis points to 3.0%, about a week after the People’s Bank of China delivered its second policy rate cut.
Export ties make Asian economies vulnerable to the financial and economic troubles of their major markets in the West.
DBS Bank Research is expecting
“Growth momentum has been clearly decelerating in 2Q12 [second quarter 2012] as evidenced by dampening external demand and slower fixed asset investment growth. External trade weakness persisted in the second quarter,” it said.
DBS Bank said that
Its assets purchases are expected to hit Y40,000bn in end-2012 and grow to Y45,000bn in the first half of 2013.
“In global financial markets, some nervousness continues to be seen, mainly due to concern about the European debt problem. Particular attention should therefore be given to developments in these markets for the time being,” the Bank of Japan said in a statement.
The Bank of Japan has slightly lowered its GDP growth forecast for the economy to 2.2% this year from a 2.3% forecast in April, while maintaining its 1.7% real GDP growth projection for 2013.
($1 = Y79.67)
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