Mr Kuroda said in an interview that “we can still expect around 7 per cent growth next year” across Asia excluding Japan. “That means Asia is still going to achieve relatively robust growth,” he said.

The Asian lender last month cut its 2009 growth forecast for the region from 7.8 per cent to 7.2 per cent. Since then, however, the global financial crisis has spread to Asia, forcing South Korea to announce an emergency $130bn (€100bn, ￡80bn) plan to bolster its banking sector.

China has also announced steps to boost its property market and help exporters following an unexpectedly severe slowdown in the third quarter. BHP Billiton said yesterday that demand from China, its largest commodities customer, had “softened” in the three months ending in September.