JAPANESE Prime Minister Shinzo Abe's cabinet on Wednesday approved a new US$1.1 trillion stimulus package that includes significant direct spending, to stop the coronavirus pandemic pushing the world's third-largest economy deeper into recession. Read more at The Business Times.
"We must protect business and employment by any means in the face of the tough road ahead," Mr Abe told a meeting of ruling party lawmakers."We must also take all necessary measures to prepare for another wave of epidemic."
Both stimulus and JGB issuance plans were in line with Reuters reports published earlier on Wednesday. "The BOJ's yield curve control should prevent a spike in long-term interest rates," said Chotaro Morita, the chief bond strategist at SMBC Nikko Security.Under a policy dubbed yield curve control , the BOJ guides the short-term interest rate at -0.1 per cent and the 10-year bond yield at around 0 per cent.
To prepare for a possible second wave of infections, the government set aside 10 trillion yen in reserves that can be tapped for emergency spending.
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