Tokyo - The Bank of Japan on Friday reduced its benchmark interest rate from 0.3 to 0.1 per cent to stem the effects of the recession that has hit the world's second-largest economy.
The reduction had been expected after the US Federal Reserve this week lowered its key interest rate to a record low, from 1 per cent to a range of 0 to 0.25 per cent.
The Bank of Japan had also been under pressure from the government to stimulate the contracting economy by pumping more money into financial markets to ease a credit crunch and to prevent a further rise in the rapidly appreciating yen.
The stronger yen has been hurting Japanese exporters because it makes their goods more expensive abroad and lowers their overseas earnings.
Tokyo - The Bank of Japan on Friday reduced its benchmark interest rate from 0.3 to 0.1 per cent as the world's second-largest economy finds itself in recession.
Tokyo - Japan's largest car company, Toyota Motor Corp, was expected to run into the red this fiscal year in its first annual operating loss ever, according to the Japanese financial newspaper Nikkei Friday.
In addition to the worldwide financial crisis, the rapid rise of the value of the Japanese currency, the yen, were named as the main reasons, according to the story, which did not cite sources.
Toyota plans a year-ending press conference Monday at its headquarters in Nagoya, at which is was also expected to substantially sink its earnings forecast for its group, which included Daihatsu and Hino Motors.
Toyota in early November drastically reduced its expectations for its current business year, which ends March 31.
Tokyo - Japan's economy was expected to stagnate in the coming fiscal year and would contract 0.8 per cent in the current one, the government said Friday.
It would be the first time in seven years that the world's second-largest economy would see zero-per-cent growth.
The Cabinet Office released the figures after it had also factored in the effect of a 75-trillion-yen (850-million-dollar) economic stimulus package it announced this fiscal year, which ends March 31.
Tokyo - Stocks in Tokyo fell in Friday morning trading shortly before a central bank decision on interest rates after drops overnight on Wall Street.
The benchmark Nikkei 225 Stock Average was down 94.95 points, or 1.1 per cent, at 8,572.28.
The broader Topix index of all first-section issues also declined 3.16 points, or 0.38 per cent, to 835.53.
The Bank of Japan was ending a two-day meeting Friday, after which it was expected to lower interest rates as the world's second-largest economy finds itself in recession.
Tokyo - Japan's largest car company Toyota is expected to run into the red for the year for its first annual operating loss ever, according to the Japanese financial newspaper Nikkei Friday.
In addition to the worldwide financial crisis, the rapid rise of the value of the Japanese currency, the yen, were named as the main reasons, according to the story which did not cite sources.
Toyota in early November drastically reduced its expectations for its current business year, which ends March 31.
Tokyo - Japan's economy was expected to stagnate in the coming fiscal year and would contract 0.8 per cent in the current one, the government said Friday.
Tokyo - Stocks in Tokyo fell in Friday morning trading shortly before a central bank decision on interest rates after drops overnight on Wall Street.
Tokyo - Japan's largest car company Toyota is expected to run into the red for the year for its first annual operating loss ever, according to the Japanese financial newspaper Nikkei Friday.
