BOJ Keeps Monetary Policy Unchanged

Economy Politics

Tokyo, July 15 (Jiji Press)--The Bank of Japan decided to leave its current massive monetary easing policy unchanged Wednesday.

At the end of its two-day policy-setting meeting, the BOJ Policy Board voted eight to one to keep its short-term policy interest rate at minus 0.1 pct and guide 10-year government bond yields around zero pct.

The Japanese economy "has been in an extremely severe situation" with the impact of the novel coronavirus pandemic remaining at home and abroad, the BOJ said in a quarterly report released after the meeting.

"With regard to the risk balance, risks to both economic activity and prices are skewed to the downside, mainly due to the impact of COVID-19," the report warned.

The BOJ has launched a series of measures aimed at supporting corporate financing since March, when the novel coronavirus outbreak became serious in the country.

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