Japan Economy Picking Up at Slow Pace: BOJ Member

Politics

Tokyo, Sept. 29 (Jiji Press)--A member of the Bank of Japan’s Policy Board in mid-September offered the view that the pace of pickup of the country’s economy following a coronavirus-caused slump has been slow, the BOJ revealed on Tuesday.

At the board’s September 16-17 monetary policy meeting, the member said, “Economic activity has remained at a low level,” according to a summary of opinions at the meeting released by the central bank.

Another member said, “Japan’s economy has started to pick up with economic activity resuming gradually, although it has remained in a severe situation” due to the pandemic, the summary showed.

The spread of COVID-19 has seriously affected the restaurant and lodging sectors in the country. At the meeting, one member said, “It is unlikely that Japan’s economy will rebound significantly,” because “domestic demand, mainly in services consumption, will likely remain at a low level.”

Regarding private consumption, one board member said weak consumer spending will likely weigh on the overall economic recovery, with the employment situation deteriorating against the background that it remains to be seen when the epidemic will subside, according to the summary.

[Copyright The Jiji Press, Ltd.]

Jiji Press