BOJ member says swift action needed if COVID-19 delays economic recovery

TOKYO - Bank of Japan board member Makoto Sakurai said on Wednesday the central bank must take “swift and appropriate” action if the coronavirus shock delays the country’s economic recovery.

“At present, financial institutions have sufficient capital so there is no big concern over Japan’s banking system. But we need to be prepared to take swift action, with a close eye both on the economy and the banking system,” Sakurai said in a speech to business leaders in Fukui prefecture. “If Japan’s economic recovery is delayed, that could hurt growth and the banking system. As such, it’s critical for us to act swiftly and appropriately as needed in coordination with the government and other central banks,” Sakurai said.

Inflation may also not accelerate much for some time, as companies cope with a tight labour market with automation rather than wage hikes, he added.

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