"There is increasing downward pressure on Japan's economy. It is urgent that we take measures to ensure an early escape from deflation and to ensure economic growth"
- Japanese Finance Minister Koriki Jojima
The Bank of Japan is likely to expand its asset-purchase fund to bolster economic growth, as the government piled fresh pressure on nation's central bank. During the next meeting at October 30, the BoJ is expected to cut its growth forecasts, as well as review its benchmark interest rates. The BoJ has already increased the size of its asset-purchase program by JPY10 trillion ($127 billion) to a total of JPY80 trillion.
"I hope to continue calling on the BOJ to pursue powerful monetary easing to achieve at an early date its 1 percent inflation target," Economics Minister Seiji Maehara said on Tuesday.
"There is increasing downward pressure on Japan's economy. It is urgent that we take measures to ensure an early escape from deflation and to ensure economic growth," said Finance Minister Koriki Jojima.
The Nikkei 225 Stock Average lost 0.17% per cent, or 15.39 points, to 8,998.86. The broader Topix Index retreated 0.36% per cent, or 2.69 points, to 746.68.
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