TMCnet News
Kyodo economic news summary -4-+(Japan Economic Newswire Via Thomson Dialog NewsEdge)TOKYO, March 9_(Kyodo) _ ---------- BOJ lifts super-loose policy, vows to keep rates near zero TOKYO - The Bank of Japan made a dramatic turnaround from a monetary-easing to a credit-tightening phase Thursday as it lifted its five-year-old super-loose policy and returned to a conventional interest-rate target policy, shrugging off pressure from the government and ruling lawmakers. Despite the termination of the unorthodox monetary policy, the central bank pledged to effectively maintain the zero-interest rate policy by holding the unsecured overnight call money rate at near zero. ---------- BOJ keeps upbeat economic assessment in March report TOKYO - The Bank of Japan left its upbeat assessment of the country's economic situation unchanged for the third straight month in its monthly report released Thursday, citing the expansion of exports, corporate profits and household spending. "Japan's economy continues to recover steadily," the central bank said in the March economic report, released immediately after the BOJ announced a departure from its five-year-old super-easy monetary policy. ---------- Nikon to have Korean unit offer imaging devices, after-sales service TOKYO - Nikon Corp. said Thursday it will get its newly formed subsidiary in Seoul to market digital cameras and other imaging equipment, while providing after-sales services. The wholly owned subsidiary, Nikon Imaging Korea Co., will start operations April 3 with an initial workforce of 50 and paid-up capital of 4 billion won, the equivalent of 470 million yen or $4 million. ---------- Top METI official nixes immediate start of test-drilling in E. China Sea TOKYO - The vice industry minister brushed off the possibility Thursday that Japan will immediately start test-drilling in the East China Sea to counter China's imminent gas production there, saying Japan will continue its dialogue with China to settle a bilateral gas row. "We think substantial bilateral negotiations have just gotten underway. We will not abruptly resort to test-drilling and will tenaciously, swiftly seek to resolve the matter through dialogue to make the area 'a sea of friendship,'" Vice Economy, Trade and Industry Minister Hideji Sugiyama said at a press conference. ---------- China rejects Japan-proposed median line separating EEZs BEIJING - Chinese Foreign Ministry spokesman Qin Gang said Thursday that China rejects as a one-sided the Japan-proposed "median line" to separate their economic waters in the East China Sea. Qin also said China rejects Japan's proposal for joint development of the Chunxiao field, which he said lies in undisputed Chinese waters. ---------- BOJ's policy shift decision gives boost to Tokyo stocks TOKYO - Tokyo stocks ended Thursday sharply higher as investors reacted positively to the Bank of Japan's decision to scrap its unorthodox ultra-easy monetary policy as it put an end to weeks of market uncertainty. The 225-issue Nikkei Stock Average jumped 409.42 points, or 2.62 percent, to 16,036.91, ending above the 16,000 line for the first time since Feb. 28. The Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange climbed 35.43 points, or 2.21 percent, to 1,641.01. |