14 February 2013 06:05 [Source: ICIS news]
SINGAPORE (ICIS)--Japan’s economy has remained in recession in the fourth quarter of 2012, with GDP registering an annual contraction of 0.4% and a quarter-on-quarter decline of 0.1%, preliminary government data released on Thursday showed.
For the whole of last year, Japan’s economy grew by 1.9%, largely on rebuilding efforts following devastations wrought by the massive earthquake and tsunami that hit the northeastern part of the country in March 2011.
The Japanese economy shrank by 0.6% in 2011 after a strong 4.7% expansion in 2010, official data showed.
The Bank of Japan (BOJ), in a meeting on Thursday, decided to maintain key interest rate at around 0-0.1%, citing favourable development in the international and domestic markets.
“Japan's economy appears to stop weakening. Exports continue to decrease, but the pace of decrease has been moderating, the Japanese central bank said in a separate statement.
“While overseas economies remain in a deceleration phase, they have shown some signs of picking up. In global financial markets, investors' risk aversion has abated, although developments require continued attention,” it said.
With a host of monetary measures set in place, the Japanese economy should be able to return to a moderate recovery path, the BOJ said.
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