Japanese central bank more optimistic on economy

Japan's central bank has upgraded its outlook for the domestic economy, despite a major contraction i...

Japan's central bank has upgraded its outlook for the domestic economy, despite a major contraction in output. The bank believes the worst of the recession may be over for Japan, after it posted a 4% fall in output in the first quarter of 2009, equivalent to a 15.2% fall on an annual basis. Domestic demand is expected to stay low, but the central bank says exports will pick up, providing a boost to the country's many manufacturers. In a statement issued today, the Bank of Japan says: "The pace of deterioration in the Japanese economy will likely moderate." "Going forward, althou...