Semiannual Report on Currency and Monetary Control

The Bank of Japan has published a summary of its semiannual report on currency and monetary control for the second half of fiscal 2003. Japan's economic activity started to recover gradually in the second half of fiscal 2003 (Oct 03-Mar 04) led by an increase in exports and a recovery in business fixed investment, after remaining virtually flat until then, the report said.

"Exports continued to increase markedly reflecting the recovery in overseas economies, especially in the United States and

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