TOKYO — The Bank of Japan maintained its assessment of the economy Wednesday, saying the economy has been flat and is expected to remain so for the time being.
“Japan’s economic activity has been more or less flat mainly due to the effects of a slowdown in overseas economies and the appreciation of the yen,” the central bank said in its monthly report for February.
The central bank stuck to its view that Japan’s economy could return to a moderate growth path led by recovery in overseas economies and expectations that reconstruction demand after the March 11 earthquake and tsunami will gradually strengthen.
The BOJ on Tuesday surprised the markets by deciding to expand its asset-purchase program by Y10 trillion and setting a price stability goal to tackle the country’s long-running deflation problem.
