The Bank of Japan downgraded slightly its assessment of the economy for the third consecutive month Wednesday, admitting that the likelihood of a recovery by the end of the year is fading.
The assessment was used at the BOJ's two-day Policy Board meeting that ended Tuesday, during which the central bank decided to further ease monetary policy.
In general, most believe that signs of a global economic recovery will surface around the end of the year, and that exports will pick up "some time in the future," the BOJ said in the monthly report.