- The Bank of Japan (BOJ) has announced measures to boost lending aimed at combating the rising value of the yen.Following an emergency meeting, the central bank said it would increasing lending to commercial banks by 10 trillion yen ($117bn; £75bn).The measure is designed to stem the value of the currency, and boost lending to businesses.Meanwhile the Japanese government has announced its own plans for a 920 billion yen stimulus package.
- US consumer spending rose by a faster-than-expected 0.4% in July, as shoppers saved less of what they earned.It was the fastest growth rate since March, though total spending remains well below its pre-recession highs.Personal income however grew only 0.2%. Economists had expected both numbers to rise by 0.3%.The data means that the savings rate in the US - the percentage of income that households choose not to spend - fell to 5.9% from 6.2% in June.
- Federal Reserve chairman Ben Bernanke has laid out four "unconventional" policy options to boost the US economy.Top of the list is more "quantitative easing" - mass purchases of debt.Speaking to fellow central bankers at the annual Jackson Hole symposium in Wyoming he said the recovery had slowed to "a pace somewhat weaker" than forecast.Hours earlier economic growth for April to June was revised to an annualised rate of 1.6%, down from 2.4%.
- Central banks may have to provide more economic support amid a fragile global recovery, the deputy governor of the Bank of England has warned.Charles Bean said policymakers had prevented a financial market collapse but further action might be required.He was speaking at the Economic Policy Symposium in Jackson Hole, Wyoming.At the same event, US Federal Reserve chief Ben Bernanke set out "unconventional" policy options to boost the US economy.
BBC Business news 30th August 2010
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