Japanese central bank more optimistic on economy

The bank believes the worst of the recession may be over for Japan, after it posted a 4% fall in output in the first quarter of 2009, equivalent to a 15.2% fall on an annual basis. Domestic demand is expected to stay low, but the central bank says exports will pick up, providing a boost to the country's many manufacturers. In a statement issued today, the Bank of Japan says: "The pace of deterioration in the Japanese economy will likely moderate." "Going forward, although domestic private demand is likely to continue to weaken, exports and production, after levelling out, are expecte...