Отчет МВФ по Японии. usd/jpy - глобальный взгляд.

pan, or BoJ, on Tuesday announced that it will expand the lending facility it introduced last summer to support recovery of the ailing economy.
The bank also maintained its monetary policy stance by keeping the key interest rate near zero.

Under the expanded facility, the central bank will lend upto JPY 500 billion. Each financial institution can borrow upto JPY 50 billion at an interest rate
of 0.1 percent per annum for a maximum duration of four years.

At the same time, the policymakers at the central bank unanimously decided to maintain its benchmark uncollateralized overnight call rate at a range of
zero to 0.1 percent as expected.

«With a view to further encourage financial institutions' efforts, the bank deems it appropriate to focus on supporting their provision of equity-like funds
and loans without conventional collateral or guarantees,» the central bank said in a statement.

The bank said it expects today's decision to enhance further the financial institutions' efforts to strengthen the foundations for economic growth through
the use of a wider range of financial techniques.

Meanwhile, the central bank upgraded its assessment of the economy for the first time since February, saying that Japan's economy continues to face downward
pressure, but is showing some signs of picking up.

The bank forecasts the economy to return to a moderate recovery path in the second half of fiscal 2011, backed by an increase in exports, and added that
the household and business sentiment are improving somewhat. Going forward, the annual rate of change in the consumer price index will remain slightly
positive, according to BoJ.

However, it reiterated that there is high degree of uncertainty about the effects of the earthquake disaster on Japan's economy.

Immediately after the deadly earthquake in March, the central bank injected record cash into the system to stabilize the markets. BoJ also acted swiftly
to double the size of the asset purchase program to JPY 10 trillion.

In a report last week, the International Monetary Fund urged the Bank of Japan to accelerate and expand its asset purchase program to guard against deflation
risks and support the recovery.

A preliminary report released last month showed Gross Domestic Product declining 3.7 percent annually in the first quarter, while it was down an annualized
0.9 percent sequentially.