Wednesday, the Bank of Japan maintained its economic assessment by saying that economic conditions have deteriorated significantly in Japan. The BoJ stated, Japan's economic conditions are likely to continue deteriorating for the time being, reiterating its view last month.

The central bank said in its Monthly Report of Recent Economic and Financial Developments that financial conditions have remained tight.

Corporate profits declined at a faster pace and fixed asset investment declined substantially. At the same time, private consumption weakened and the employment and income situation became increasingly severe. On these developments, production decreased substantially.

Further, exports and production are expected to remain on a downtrend, but the pace of decline is expected to moderate as adjustment pressures on inventories both at home and abroad wane.

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