The Central Bank of Japan (BOJ) reduced its financial growth forecast Thursday as a direct consequence of the earthquakes that hit the nation last month. The bank refrained from announcing the steps it would take to stimulate the Japanese economy. Economists take this as a indication that the BOJ expects strong economic growth to begin again later this year.
The BOJ stated it now expected the Japanese economy, the third-largest in the world after the U.S. and China, to expand only 0.6 percent in the current business year, which ends March, 2012. That prediction is below the rate of 1.6 percent the BOJ had forecast earlier in January.
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