Japan's central bank has kept interest rates on hold as it continues its efforts to boost the country's economic recovery. As widely expected, the bank's rate-setting committee voted unanimously to keep rates at 0.1%. It said keeping rates low was essential in the country's fight against falling prices, which are undermining the economy's recovery.
Japan enjoyed economic growth of 0.9% in the last three months of 2009. Such modest growth means that booming China is now vying with Japan to become the world's second largest economy. Japan's economy faces the critical challenge of overcoming deflation and returning to a sustainable growth path with price stability, the bank said.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment