Bank of Japan report spurs fear of new crisis

JAPAN - The Bank of Japan considers the state of the Japanese economy to be grim. In its monthly report on recent economic and financial developments, the central bank concluded that the economy was "deteriorating broadly".

It found that private consumption was weakening, whilst exports and business investment were also declining. The central bank warned that the Japanese economy was also being threatened by the weakening global economy.

The grim outlook was consistent with the Japanese Governm