TOKYO, April 27 — The Bank of Japan expanded monetary stimulus today and pledged to buy an unlimited amount of bonds to keep borrowing costs low, as the government tries to spend its way out of the growing economic pain from the coronavirus pandemic. The step, which follows monetary easing only a...
Bank of Japan Governor Haruhiko Kuroda wearing a protective face mask attends a news conference as the spread of the coronavirus disease continues in Tokyo, Japan, April 27, 2020, in this photo released by Kyodo. — Kyodo handout pic via Reuters
“The current crisis could have a bigger negative impact than the Lehman shock. The government and the central bank obviously need to work together, particularly at a time like this,” Kuroda told a news conference. “The BOJ will purchase the necessary amount of government bonds without setting an upper limit” to keep long-term interest rates around its 0 per cent target, it said in a statement.
At the meeting today, cut short by a day as a precaution against the spread of the pandemic, the BOJ kept its interest rate targets unchanged, as had been widely expected.
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