In it’s August 18-19 meeting, members of the Bank of Japan expressed their outlook of the economic future to be uncertain. The combination of volatile equity markets along with falling asset prices gave little clarity as to any definitive direction for the Asian economy. “Some members said attention should be paid to possible further losses that U.S. financial institutions could occur,” as such depreciations could spillover to the Japanese financial sector, minutes show. The release comes two weeks after GDP data showed Japan to have contracted for its second straight quarter by -0.7%. Two straight quarters of negative growth technically defines a recession according to the National Bureau of Economic Research.