Japan Domestic Demand Remains Firm: BOJ Kuroda

Economy Politics

Tokyo, March 15 (Jiji Press)--Japanese domestic demand remains firm even though exports and production have been negatively affected by overseas economic deceleration, Bank of Japan Governor Haruhiko Kuroda said Friday.

Earlier in the day, the central bank revised down its assessments of exports and production, recognizing "some weakness" in both sectors.

"The positive cycle from income to spending is working," Kuroda told a news conference after a two-day monetary policy meeting from Thursday. "The basic mechanism of economic expansion has stayed the same."

If foreign economies such as China and Europe weaken further, Japanese domestic demand could be affected, Kuroda said.

"But the chances are slim that the overseas economies will just keep deteriorating," he added, expressing confidence that Japan's mild economic growth will continue.

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Jiji Press