Swedish and Japanese growth forecasts cut, interest rates unchanged

Sweden's central bank left interest rates unchanged yesterday after it cut growth forecasts for the Swedish economy. From Bloomberg yesterday:

The repurchase rate remained at 4 percent, after 10 increases from a record 1.5 percent in January 2006, the Stockholm-based Riksbank said today. While the bank kept a forecast for one more increase in the first half of 2008, it cited "considerable uncertainty due to the turmoil" on global markets...

The bank today cut its economic growth estimate for 2007 and 2008 to 2.6 percent and 2.4 percent from 3.1 percent and 2.8 percent, respectively...

Today, it is the Bank of Japan's turn. Bloomberg reports:

The Bank of Japan cut its assessment of the economy for the first time in three years, signaling it's unlikely to raise the benchmark interest rate from 0.5 percent anytime soon.

The central bank today kept the key rate unchanged in its first unanimous decision since June and said the pace of growth "seems to be slowing" because of a slump in housing...

The government yesterday lowered its growth forecast for this fiscal year to 1.3 percent from 2.1 percent.

Trade data out today also showed that Japan's export growth cooled in November.