Forex News: The Bank of Japan on Wednesday downgraded its core economic assessment in July for the first time since April.
"Japan's economic growth is slowing further, mainly due to the effect of high energy and material prices," the July report said.
Reflecting the weakness of recent economic data, the central bank also weakened the tone of major items including private consumption, production and housing investment.
On Tuesday, the BOJ policy board unanimously agreed to keep the unsecured overnight call loan rate unchanged at 0.50%, the lowest level among Group of Seven nations.
The central bank will now issue monthly economic reports on the next business day after policy-setting meetings.
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