Bank of Japan warns of recession

JAPAN - The Bank of Japan has acknowledged the world's second largest economy will shrink this year by cutting a growth forecast for 2001 that many economists have long viewed as unrealistic.

The recession forecast coincided with the release of industrial production data showing a worse-than-expected slump of 2.9% in September.

And the Bank attracted fresh criticism for leaving monetary policy unchanged.

Meanwhile, finance minister Masajuro Shiokawa warned of the urgency of sticking to austerity

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