BOJ to redirect money to industries with growth potential

As a long-term approach to beating deflation, the Bank of Japan is expected to announce details of a new loan scheme amidst Europe debt woes.

"Fiscal problems in Europe and growing market concerns about sovereign debt risk have prompted new Prime Minister Naoto Kan to make tackling Japan's huge public debt, which is now nearly twice the size of GDP, a top policy priority," said a Reuters report.

According to the report, "Japan's first-quarter economic growth outpaced that of the United States and Europe on strong exports to Asia, but Europe's debt problems and a subsequent rise in the yen against the euro have clouded the outlook for the export-reliant economy."

View the full story in Reuters.