Monday, the Bank of Japan Governor Masaaki Shirakawa restated that Japan's economic and financial conditions are weakening significantly.

Speaking at an annual meeting of Japanese trust banks in Tokyo, Shirakawa said, The Japanese economy is deteriorating significantly.

He noted that there was an increase in the number of firms that say the attitude of financial institutions to fund and to lend is severe.

Further, he said the overall financial condition in the country is rigorous. At the same time, Shirakawa noted that there are some indications of recovery in commercial paper and corporate bond markets.

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