EXCLUSIVE: Unfazed by the coronavirus pandemic, Bank of Japan to keep economic recovery view - sources
A man wearing a protective mask stands in front of the headquarters of Bank of Japan amid the coronavirus disease outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon
The BOJ’s optimism reflects its growing conviction that the world’s third-largest economy hit bottom in April or May, when lockdown steps kept citizens home and businesses shut, said four sources familiar with the central bank’s thinking. Still, many central bankers warn of risks that could slow the pace of recovery, such as a renewed spike in infections, rising job losses and a bigger-than-expected slump in emerging economies.
While its U.S. and European counterparts are shifting from crisis response towards steps to reflate growth, the BOJ remains wary of using tools directly aimed at stimulating demand - such as rate cuts - too hastily, the sources said. Prime Minister Shinzo Abe announced a state of emergency in April requesting citizens to stay home and businesses to close, hammering an economy that was already suffering from the hit from a sales tax hike last year and the U.S.-China trade war.
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