Bank of Japan Upgrades Its Outlook for Economy

The Bank of Japan upgraded its assessment of the nation’s economy for the first time in three years Friday, saying a rebound in global demand could mean the record contraction last quarter marked the worst of the recession.

The bank also said it would start accepting foreign bonds as collateral for loans to ease strains on the banking system, but analysts said its more upbeat tone on the economy suggested that it might put any plans to return to full quantitative easing on hold. The bank kept its target interest rate at 0.1 percent.

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- Posted: 2009-05-22 08:18:27

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