Bank of Japan Board Holds Emergency Session

May 22, 2020

The Bank of Japan held an emergency unscheduled policy Board meeting that lasted just under an hour and did not change the the short-term policy interest rate of -0.1% or the 10-year JGB yield target of around zero percent. However, officials did unveil a new lending facility for small to mid-sized firms and moved out the deadline for actions against the Covid-19 virus from September of this year to March of 2021. Also, a joint statement was released by BOJ Governor Kuroda and Finance Minister Aso to underscore that monetary policy and fiscal policy are being closely coordinated.

Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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