BOJ: Japan's economy has started to pick up

market pulse
Oct. 15, 2009, 1:16 a.m. EDT

BOJ: Japan's economy has started to pick up

Myra P. Saefong TOKYO (

MarketWatch) -- The Bank of Japan said Thursday that "Japan's economy has started to pick up," and economic conditions in the nation are "likely to improve gradually," according to the central bank's October report of Recent Economic and Financial Developments. The BOJ also said that while the overnight call rate has remained at an extremely low level and funding costs for firms have been more or less unchanged at low levels, the "stimulative effects from low interest rates have been limited given the low level of economic activity and corporate profits." The BOJ voted Wednesday to leave its rates steady at 0.1%.