BoJ Left Rate at 0.5, March Production Declines

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Market Update Analysis:

BoJ Left Rate at 0.5%, March Production Declines

Author: 123jump.com Staff
123jump.com
Last Update: 4:42 PM EDT April 30 2008

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The Bank of Japan left its key rate unchanged at 0.5% as economy continues to remain sluggish. Inflationary pressures are on the rise but retail sales remain weak. Japan, in a near 11 year economic slump is now facing inflation from the outside world as commodities and food prices rise. March industrial production declined compared to February and from a year ago. Production is likely to fall further in April. Matsushita surged 14% after it forecasted 10% rise in the current year profit.

Sumitomo Metal Mining led decliners in the Nikkei 225 index shares with a drop of 7.76% followed by losses in Mitsubishi UFJ Financial Group of 7.07%, in Toyota Tsuho of 6.51%, in Nippon Oil Corp. of 5.81% and Fujifilm Holdings of 5.45%.

Commodity stocks fell after crude oil retreated from near $120 a barrel and gold declined.

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