BOJ policymakers: Economic situation severe

Jun 25, 2020 | News On Japan

Jun 25, 2020 (NHK) - A summary of the latest Bank of Japan meeting shows many policymakers say that "Japan's economy has been in an extremely severe situation," due to the impact of COVID-19. But one policymaker does note that the economy "recently appears to have bottomed out."

The central bank released a summary of its monetary policy meeting on Wednesday. The conference was held on June 15 and 16. The BOJ decided at the meeting to maintain its massive monetary easing policy. It also decided to increase financial support for businesses to about one trillion dollars.

The summary shows a policymaker noted that the pace of the economic recovery will likely be slow. The official said this is because utilization rates for conventional services may decline, as people take the risk of contracting the coronavirus into account and make lifestyle changes.

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