Kyodo economic news summary -3-.TOKYO, Oct. 16 Kyodo
---------- Japan, Mexico to continue talks on FTA
TOKYO - Japanese Prime Minister Junichiro Koizumi Junichiro Koizumi (小泉 純一郎 Koizumi Jun'ichirō and Mexican President Vicente Fox agreed Thursday to continue negotiations on a bilateral free trade agreement (FTA) with a view to reaching agreement by the end of the day.
''It's 90% complete,'' Koizumi told a joint press conference with Fox after their summit talks.
---------- World Bank raises Japan's 2003 growth projection to 1.9%
WASHINGTON - The World Bank on Thursday substantially raised its 2003 economic growth projection for Japan to 1.9% from the 0.8% growth estimated in September.
But growth in the Japanese economy is expected to fall to 1.2% in 2004, the Washington-based institution said in a semiannual update on economic conditions in East Asia East Asia
A region of Asia coextensive with the Far East.
East Asian adj. & n. .
---------- Moody's raises China, H.K., Macao foreign currency ratings
HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. - Moody's Investors Service said Thursday it has upgraded China's foreign currency ratings and, in conjunction, the ratings of Hong Kong and Macao, the two Chinese special administrative regions.
The U.S.-based international credit rating agency A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations. In most cases, these issuers are companies, cities, non-profit organizations, or national governments issuing debt-like securities that can be traded on a elevated China's foreign currency bond ceiling and rating to A2 from A3, expecting the Chinese government will keep maintaining a strong external payments position to ''provide adequate insulation from underlying domestic pressures and potential external shocks.''
---------- Moody's upgrades outlook for Mitsui Engineering & Shipbuilding
TOKYO - Moody's Investors Service said Thursday it has changed the outlook on the B1 senior unsecured long-term debt rating of Mitsui Engineering & Shipbuilding Co. to positive from stable due to the company's improved earnings and credit profile.
''The company's operating performance has shown improvements over the last few years, mainly supported by its strong competitiveness in shipbuilding and the relatively stable performances of its machinery division,'' the U.S. credit-rating agency said.