BOJ prepares new credit package
01-12-2008
The Bank of Japan is preparing new measures to tackle a worsening credit crunch which could tip the country's economy back into deflation next year. The Bank's governor, Masaaki Shirakawa, warned that financial conditions, in particular the availability of funds, seemed to have worsened at an increasing rate. The new measures could be adopted at an extraordinary meeting this week. Latest figures show Japan slipped deeper into recession in October as factory output tumbled, consumer spending dropped and inflation slowed.
