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BOJ will not hesitate to ease further if needed, says deputy governor

06/08/2021 | 08:44am EST
FILE PHOTO: Bank of Japan Deputy Governor Masayoshi Amamiya speaks during a Reuters Newsmaker event in Tokyo

TOKYO (Reuters) - The Bank of Japan will not hesitate to ease monetary policy further if needed, its deputy governor Masayoshi Amamiya said, warning that the country's budding economic recovery remains vulnerable to damage from the coronavirus pandemic.

The central bank will also consider extending a September deadline for its pandemic-relief programmes after scrutinising economic and financial conditions, he said.

"Japan's economy is headed for a recovery. But consumers will likely remain cautious about spending as curbs to prevent the spread of the COVID-19 pandemic continues," Amamiya said in an online seminar on Tuesday.

"We'll extend the (relief programme) if needed. Depending on the situation, we also won't hesitate taking additional monetary easing steps as needed," he added.

On climate change, Amamiya said it was an issue that has a huge impact on Japan's economy and financial system.

"We will consider what we can do as a central bank within our mandate of achieving price and financial stability," he said.

The BOJ last year ramped up asset purchases and put in place a loan programme aimed at channeling money to cash-strapped small firms to cushion the blow from the health crisis.

With the pandemic still weighing on Japan's recovery, BOJ officials have signalled their readiness to extend the programme and reach a decision either at its rate review next week or in July.

(Reporting by Leika Kihara; Editing by Andrew Heavens and Raissa Kasolowsky)

By Leika Kihara

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -1.38% 78.988 Delayed Quote.0.85%
BANK OF JAPAN -0.39% 25400 End-of-day quote.2.71%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.69% 149.283 Delayed Quote.6.23%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.40% 87.81 Delayed Quote.8.69%
EURO / JAPANESE YEN (EUR/JPY) -0.10% 127.648 Delayed Quote.1.42%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.69% 1.49952 Delayed Quote.6.86%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -1.11% 76.123 Delayed Quote.3.77%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.19% 112.8 Delayed Quote.9.39%
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