Die japanische Zentralbank hat vor einem möglichen Abschwächung der Wirtschaft in Japan gewarnt. Mit der drohenden Abkühlung der US-Wirtschaft seien auch in Japan die Risiken für die Konjunktur gestiegen und müssten genau überwacht werden, hieß es in dem am Mittwoch veröffentlichten Protokoll der Notenbanksitzung vom 14. und 15. Februar. Bei dem Treffen hatten die Mitglieder des geldpolitischen Rats einstimmig für eine Beibehaltung des Leitzinses bei 0,5 Prozent gestimmt.
Insbesondere die rückläufigen Investitionen auf dem Wohnungsmarkt sowie der rasante Preisanstieg bei Rohstoffen und dessen Auswirkung auf die globale Wirtschaft bereiteten den Ratsmitgliedern Sorgen. Zudem beurteilte das Gremium die weltweiten Finanzmärkte als "unstabil". Die Mitgleider waren sich darüber einig, dass die Bank ihre grundsätzliche Einstellung zur Währungspolitik beibehalten sollte. Weitere Einzelheiten dazu gingen aus dem Protokoll jedoch nicht hervor.
Die Ratsmitglieder betrachteten auch einige Faktoren der heimischen Wirtschaft mit Sorge: So könnten die stagnierende Ergebnisentwicklung kleinerer Firmen, das schwache Lohnniveau und die allgemeine Verschlechterung des Konsumklimas die Risiken für eine Abschwächung erhöhen. Das Gremium stimmte darin überein, das die Ausgaben kleiner Unternehmen stärker überwacht werden müssten. Zudem sollten die Regeln zur Kreditvergabe in einigen Branchen verschärft werden./FX/hosah/jkr
TOKYO (Thomson Financial) - The Bank of Japan's nine policy board members had stressed the need to pay close attention to increased downside risks in Japan as a result of the intensifying slowdown in the US, minutes of the central bank's February 14-15 meeting released on Wednesday showed. The central bank also pledged to monitor the downside risk in Japan brought about by a fall in housing investment, as well as the surge in commodity prices and its implication for the global economy. The board agreed to maintain the bank's "basic thinking on monetary policy for the future". The minutes did not elaborate. At the February meeting, members voted unanimously in favor of governor Toshihiko Fukui's proposal to leave the overnight call rate target unchanged at 0.5 percent. They again voted to maintain the status quo at the meeting earlier this month. The central bank wants more time to gauge how credit and financial markets settle down and how problems in the US housing market will affect the global economy. It is also waiting to see the outcome of the introduction of tighter construction rules and the slowdown in the corporate sector. Members shared the view that global financial markets "continued to be unstable, and that downside risks to the global economy, especially the US', were increasing," according to the minutes. "There were also some domestic factors that might adversely affect the virtuous cycle of growth in production, income and spending -- for example, sluggish growth of small firms' profits and weakness in wage and deterioration in consumer sentiment," the minutes showed. It was the first time that board members have voiced concerns that the economic growth cycle could be hurt in the future. Many members shared the view that careful monitoring was required on spending by small firms and the tightening of lending rules to certain industries," the minutes said. Board members agreed that the BoJ should, as a forward-looking approach, assess the level of uncertainty on the economy and prices given the increasing risk factors both at home and abroad. One member said there is now an even greater need to carefully consider the central bank's monetary policy. Another member said once the central bank completes the assessment of the bank's basic economic scenario, it "should not hesitate to raise the policy interest rate." Turning to the US economy as a big risk factor for the Japanese economy, the minutes said board members agreed that the chances of a slowdown in the US economy had increased. Some members said "there were concerns that financial institutions might incur further losses due to a drop in home prices and the downgrading of monoline insurers." A few members said it was still difficult to predict when the adjustment in the US housing market will be completed. One member said "the effect of monetary easing on private consumption is limited as the fall in home prices has made it difficult for consumers to arrange refinancing of mortgage loans at lower rates of interest." Representatives of the government called on the central bank to "firmly support the economy ... by implementing effective monetary measures consistent with the government policy efforts and outlook for the economy," the minutes showed.
(1 US dollar = 103.06 yen) yasuhiko.seki@thomson.com
yas/jg/jg
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AXC0072 2008-03-12/10:59
