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BOJ keeps monetary policy unchanged

The central bank said the Japanese economy was
The central bank said the Japanese economy was "in an extremely severe situation" due to the virus crisis. (AFP)
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17 Sep 2020 01:09:37 GMT9
17 Sep 2020 01:09:37 GMT9

TOKYO: The Bank of Japan decided to keep its current massive monetary easing policy unchanged on Thursday.

At the end of its two-day policy-setting meeting, the BOJ Policy Board voted eight to one to keep its short-term policy interest rate at minus 0.1 percent and guide 10-year government bond yields around zero pct.

The Japanese economy “has started to pick up with economic activity resuming gradually, although it has remained in a severe situation” due to the impact of the new coronavirus pandemic at home and abroad, the BOJ said in a statement released after the meeting.

At the time of the Policy Board’s previous policy-setting meeting in July, the central bank said the Japanese economy was “in an extremely severe situation” due to the virus crisis.

Since March, when the COVID-19 outbreak became serious in the country, the BOJ has launched a series of measures aimed at supporting corporate financing, including the expansion of corporate bond and commercial paper purchases.

JIJI Press

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