BOJ to Hold Extraordinary Policy Meeting on Fri.

Politics

Tokyo, May 19 (Jiji Press)--The Bank of Japan said Tuesday that it will hold an extraordinary policy-setting meeting on Friday, ahead of the next regular meeting, scheduled for June 15-16.

At the extraordinary meeting, which will begin at 9 a.m. (midnight Thursday GMT), the central bank is expected to finalize the details of a new fund-supply scheme to support small businesses struggling amid the coronavirus epidemic.

It is rare for the BOJ to announce beforehand the holding of an extraordinary policy meeting. The central bank last held an extraordinary meeting on Nov. 30, 2011, when it adopted measures in response to the European debt crisis.

At its previous policymaking meeting on April 27, the BOJ revealed a plan to introduce the new fund-supply scheme, which will work in tandem with the government's emergency economic measures.

Under the scheme, the BOJ will lend zero-interest funds to financial institutions that provide interest-free, unsecured loans as part of the government's emergency measures.

[Copyright The Jiji Press, Ltd.]

Jiji Press