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Lex: Bank of Japan
Japan moved on Monday to shore up its fragile economic recovery, with the central bank announcing an extra Y10,000bn in cheap six-month financing and the government outlining a Y920bn package. Analysts suspect initiatives by the BoJ in Tokyo will not discourage the inflow of money seeking a refuge from stalling US growth stimulative measures. However, the moves had been widely anticipated and economists warned that they would fall far short of restoring confidence battered by slowing growth, warnings of a possible double-dip recession in the US and a rise in the yen. Ben McLannahan analyses the latest efforts to drive the yen down.