The Bank of Japan has warned the economy could shrink as much as five percent in the year to March 2021 AFP/Kazuhiro NOGITOKYO: The Bank of Japan on Monday ramped up its emergency monetary easing, lifting the cap on its buying of government bonds and increasing purchases of other assets, while cutting its growth forecasts.
The move is"largely symbolic, but it's better than doing nothing", Taro Saito, senior economist at NLI Research Institute, told AFP ahead of the decision. Even before lifting the 80 trillion yen cap on government bond buying, the BoJ's purchases were well below the ceiling, Saito noted.In a quarterly economic report issued on Monday, the bank also revised down growth forecasts for the world's third-largest economy.
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