BOJ Cuts Views on All Japan Regions

Economy Politics

Tokyo, July 9 (Jiji Press)--The Bank of Japan on Thursday downgraded its economic assessments on all of the country's nine regions for the second straight quarter, again citing the impact of the coronavirus outbreak.

This marked the first downgrade for all regions for the second consecutive quarter since January 2009 amid the global financial crisis.

The Japanese economy is in "an extremely severe situation," BOJ Governor Haruhiko Kuroda said at a quarterly meeting of the central bank's branch managers. He said that the severe situation is expected to continue for a while.

He also said the BOJ will continue to closely monitor the economic impact of the rain disaster mainly in the Kyushu southwestern region from late last week.

Assessments on private consumption and employment and income were revised down for all regions, underscoring the continued economic fallout from the coronavirus pandemic.

[Copyright The Jiji Press, Ltd.]

Jiji Press