Bank of Japan issues grim outlook

JAPAN - The Bank of Japan, as widely expected, downgraded its assessment of the economy, citing a continued tumble in output and exports, deteriorating job and income conditions, and an increasingly bleak economic outlook following the 11 September terrorist attacks in the U.S.

"Adjustments in economic activity are becoming more severe as the substantial decline in production has a negative influence on employment and income conditions," the Bank of Japan said in its monthly economic report fo

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