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12-09-2013, 09:50 AM
Update on Abenomics...
Exports must rise more to sustain recovery: BoJ official
AOMORI — Exports from Japan must strengthen further to maintain an economic recovery that is now driven mostly by domestic demand, a Bank of Japan (BoJ) policymaker told reporters yesterday after meeting business leaders in the northern city of Aomori.
Board member Koji Ishida stuck to the central bank’s assessment that the economy was recovering moderately, pointing to the resilience in personal consumption.
But he warned a slow increase in exports is discouraging companies from boosting capital expenditure and weighing on factory output.
“Most of Japan’s past economic recoveries were driven by exports,” he said. “The recovery now is spurred by domestic demand such as personal consumption, housing investment and public works spending, but exports must start to act as a driving force.”
Japan’s economy expanded at an annualised 3.8 per cent in the June quarter, a third straight quarter of growth, as the feel-good mood generated by Prime Minister Shinzo Abe’s reflationary policies lifts household and corporate spending.
Exports have been rising, but not as strongly as policymakers initially expected as a result of the slowdown in emerging economies, particularly China.
The BoJ hopes overseas growth will accelerate and boost exports in time to make up for any slowdown in household spending after an expected sales tax hike next April. REUTERS
http://www.todayonline.com/business/expo...j-official
Exports must rise more to sustain recovery: BoJ official
AOMORI — Exports from Japan must strengthen further to maintain an economic recovery that is now driven mostly by domestic demand, a Bank of Japan (BoJ) policymaker told reporters yesterday after meeting business leaders in the northern city of Aomori.
Board member Koji Ishida stuck to the central bank’s assessment that the economy was recovering moderately, pointing to the resilience in personal consumption.
But he warned a slow increase in exports is discouraging companies from boosting capital expenditure and weighing on factory output.
“Most of Japan’s past economic recoveries were driven by exports,” he said. “The recovery now is spurred by domestic demand such as personal consumption, housing investment and public works spending, but exports must start to act as a driving force.”
Japan’s economy expanded at an annualised 3.8 per cent in the June quarter, a third straight quarter of growth, as the feel-good mood generated by Prime Minister Shinzo Abe’s reflationary policies lifts household and corporate spending.
Exports have been rising, but not as strongly as policymakers initially expected as a result of the slowdown in emerging economies, particularly China.
The BoJ hopes overseas growth will accelerate and boost exports in time to make up for any slowdown in household spending after an expected sales tax hike next April. REUTERS
http://www.todayonline.com/business/expo...j-official
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