TOKYO: Some members of the Bank of Japan’s Policy Board, at its July 14-15 monetary policy meeting, expressed concerns over the possible resurgence of novel coronavirus infections in the country, minutes of the meeting showed Thursday.
They said it was “necessary to be vigilant with regard to the fact that COVID-19 had been spreading globally at a faster pace and that a risk of its resurgence has arisen, including in Japan,” according to the minutes.
The central bank cannot be “optimistic about the timing of an economic recovery since it would be delayed further if COVID-19 spread again,” one member said.
At the meeting, some members voiced worries about an increase in corporate bankruptcies and a worsening of the employment situation amid the coronavirus epidemic.
The top priority for monetary policy for the time being is “to contribute to sustaining businesses and employment by continuing to support corporate financing,” one member said.
One member said the BOJ “should further examine appropriate monetary policy conduct during the COVID-19 era.”