TOKYO (MNI) - Economists have revised down their forecasts for economic growth for this year and next and pushed back the timing for a projected recovery from deflation, according to the latest monthly survey by the Cabinet Office's Economic Planning Association released on Wednesday.

The survey also showed that the number of the economists who expect the Bank of Japan to ease credit further jumped to 20 from 7 in the previous survey.

TOKYO (MNI) - The Economy Watchers' Survey index for current conditions in Japan slumped to 45.1 in August from 49.8 in July, posting the first drop in two months as record heat waves left deserted shopping streets and dampened autumn goods sales, the Cabinet Office said on Wednesday.

TOKYO (MNI) - The average price of regular gasoline in Japan this week fell to Y133.2 ($1.60) per liter, or $6.08 per gallon, from Y133.5 last week, the 15th consecutive weekly drop, according to data released by the Oil Information Center on Wednesday.

The price was still higher than the Y128.8 per liter price of a year earlier.

Retail gasoline prices were on a general uptrend from mid-January 2009 until May 31, 2010, when they began to ease.

TOKYO (MNI) - The Bank of Japan on Wednesday slightly revised down its growth outlook, saying the pace of improvement in the economy is likely to slow temporarily.

"Japan's economy is likely to recover at a moderate pace, although the pace of improvement is likely to slow temporarily," the BOJ said in its monthly economic report for September.

In August, the BOJ simply said, "Japan's economy is likely to recover at a moderate pace."

Today's assessment is consistent with a statement issued after a two-policy setting-meeting ended on Tuesday.

TOKYO (MNI) - Japan's current account posted a surplus of Y1.676 trillion in July, up 26.1% from the surplus of Y1.329 trillion a year earlier, marking the first year-on-year rise in three months as the trade surplus doubled, the Ministry of Finance said on Wednesday.

The latest current account balance came in higher than the consensus call for a Y1.520 trillion surplus. It followed a surplus of Y1.047 trillion in June this year (-18.2% y/y) and Y1.205 trillion in May (-8.1%), which showed the first year-on-year dro

TOKYO (MNI) - Japan's core private-sector machinery orders surged by a seasonally adjusted 8.8% in July from the previous month, posting the second straight m/m rise after rising 1.6% in June and slumping 9.1% in May, the Cabinet Office said on Wednesday.

TOKYO (MNI) - Japan's money stock, measured by the key M2 aggregate, rebounded slightly to 2.8% y/y in August from +2.7% in July after having decelerated each of the previous two months, the Bank of Japan said on Wednesday.

Money stock growth had accelerated in the March-May period, reaching a recent peak of 3.1% in May.

TOKYO (MNI) - Outstanding loans by Japanese banks fell 2.0% year-on-year to Y394.20 trillion in August, marking the ninth straight y/y drop, with the pace of decline accelerating slightly from the unrevised -1.9% rate in July, Bank of Japan data released on Wednesday showed.

"The pace of the y/y drop accelerated from the previous month but there is no major change in the bank lending trend," a BOJ official said.