TOKYO - The Bank of Japan left its aggressive monetary stimulus untouched while upgrading its view of the pandemic-hit economy the day after Yoshihide Suga took over as prime minister pledging to continue his predecessor's stance on monetary and fiscal policy.
The BOJ revised its assessment of conditions, saying the economy has started to pick up with activity resuming gradually. The bank said overseas economies were improving from a state of significant depression and this had helped turn production at home and exports toward a pickup. Analysts see gross domestic product rebounding an annualized 15.1 per cent this quarter, a big jump, but not enough to make up for the record contraction in the three months through June.
Markets have been reassured by Mr Suga's pledge to continue the policies of his old boss Shinzo Abe and 95 per cent of economists say the new prime minister won't pressure the BOJ to make any changes.
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