MNI BRIEF: BOJ Tweaks Economic Assessment, Notes Some Weakness

The Bank of Japan board on Tuesday tweaked its assessment on the overall economy and slightly lowered its assessment on industrial production and private consumption.

The BOJ said Japan’s economy recovered moderately, “although some weakness has been seen in part.”

“Industrial production has been more or less flat as a trend, but it has declined recently, partly due to the effects of suspension of production and shipment at some automakers,” the BOJ said.

But the Bank maintained its recovery view, noting “Japan’s economy is likely to continue recovering moderately for the time being."

"It is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan’s economic activity and prices.”

The Bank today decided to exit its negative rates policy and end its yield curve control scheme.