The Bank of Japan expanded monetary stimulus on Monday and pledged to buy unlimited amount of bonds to keep borrowing costs low as the government tries to spend its way out of the deepening economic pain from the coronavirus pandemic.
FILE PHOTO: A man runs past the Bank of Japan building in Tokyo, Japan, July 29, 2016. REUTERS/Kim Kyung-Hoon
To ease corporate funding strains, the BOJ said, it will boost by three-fold the maximum amount of corporate bonds and commercial debt it buys to 20 trillion yen . “For the BOJ, the removal of the bond-buying target is like killing two birds with one stone,” as it can ramp up bond buying now and whittle it down later if it wants to end ultra-loose policy, said Toru Suehiro, senior market economist at Mizuho Securities.
BOJ Governor Haruhiko Kuroda will hold a news conference to explain the policy decision at 3:30 p.m. .
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