BOJ Keeps Policy Unchanged, to Mull Virus Relief Extension

Politics

Tokyo, Oct. 29 (Jiji Press)--The Bank of Japan decided to keep its current ultraeasy monetary policy unchanged at a two-day policy review that ended Thursday, aiming to continue supporting the country's economy amid the novel coronavirus epidemic.

At a press conference after the Policy Board meeting, BOJ Governor Haruhiko Kuroda said the central bank will extend its corporate financing support measures related to the coronavirus "if deemed necessary."

The BOJ may discuss the possible extension at its next policy-setting meeting in December, informed sources said. The coronavirus relief measures are currently set to expire at the end of March 2021.

Among the BOJ measures is a program to supply funds under favorable terms to financial institutions extending effectively interest-free unsecured loans to small businesses. Also, the BOJ has substantially increased the amount of its purchases of commercial paper and corporate bonds to support large companies.

It would be possible for the BOJ to expand its measures, Kuroda said, suggesting that the bank may beef up the coronavirus measures.

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Jiji Press