BOJ downgrades economy view, first time in a year

The Bank of Japan's monthly report comes a day after it resisted pressure to further stimulate the lethargic economy at the Banks monetary policy meeting. The report said inflation remained on a downward trend and that with exports and output flat there were no longer any clear signs of recovery.

The Bank of Japan downgraded its assessment of the Japanese economy on Wednesday for the first time in nearly a year, citing the effect of a weak U.S. economy on Japan's exports and industrial product