BOJ Starts Policy-Setting Meeting

Economy Politics

Tokyo, March 16 (Jiji Press)--The Bank of Japan started a policy-setting meeting at noon on Monday (3 a.m. GMT), moving up the meeting that was scheduled for two days from Wednesday.

The BOJ is expected to hammer out measures to deal with the recent financial market turmoil reflecting the global spread of the new coronavirus. After the meeting, BOJ Governor  Haruhiko Kuroda will hold a news conference to explain the bank's policy decision.

It is the first time for the Japanese central bank to move up a regular policymaking meeting since the revised BOJ law was put into effect in 1998.

The BOJ aims to help stabilize the markets in step with an emergency interest rate cut decided by the U.S. Federal Reserve on Sunday and stepped-up dollar liquidity supply agreed by six major central banks, including the BOJ, the Fed and the European Central Bank.

At the Monday meeting, BOJ policymakers, including Kuroda, will discuss steps to prevent the economy and the financial markets from weakening further, analysts said. Among other things, the bank will consider active purchases of exchange-traded funds to help shore up the Japanese equity market, they said.

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