BOJ stands pat on policy, sticks to cautious recovery view

TOKYO - The Bank of Japan kept monetary policy steady on Wednesday and maintained its view that the economy would gradually emerge from the coronavirus pandemic’s devastating blow, signalling a pause after delivering stimulus twice so far this year.

“Japan’s economy is expected to gradually improve from the latter half of this year. But the pace of recovery will be moderate as the effect of the global coronavirus pandemic will remain,” the BOJ said in a quarterly outlook report. “There isn’t any way for monetary policy to stimulate economic conditions right now. I don’t think the BOJ can do anything at this stage apart from providing cash flow support so that don’t worsen further,” said Atsushi Takeda, chief economist at Itochu Economic Research Institute.

A Reuters tankan survey on Wednesday showed Japanese manufacturers’ mood remained close to the most pessimistic they have been in 11 years in July though some firms, in particular those from the service sector, believed conditions would be less negative in the next few months. The emphasis on credit easing to battle the crisis has also cast doubt on the relevance of yield curve control, a framework that sets interest rates as its main policy target.

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