The comments made by the Bank of Japan has provided world with positive hopes of recovering from the global financial crunch. Today, the Bank said that the economy of the overseas countries would shortly witness recovery as they will stand firm against the prevalent trend of global meltdown.
It has further been revealed that the output growth of Japan for the period of October will be higher than that of July-September. Improvements in the market have further pushed the consumer confidence index. It seems like the global market is slowly recovering from the debt crisis.
Although the Bank of Japan is all optimistic about the growth, it is doubtful as for how long it can rely upon overseas deal for the growth of its economy. Concerned over its future growth, the BOJ is believed to be imposing cuts in its GDP forecasts.
It has further been revealed that till March 2014, the Bank will be keeping the interest rates low so that desired growth in the prices of commodities could be seen. Although the Bank of Japan is being opportunistic, the Asian markets are still worrisome as the global crisis has begun to impact their economies.