TOKYO: The Bank of Japan expanded monetary stimulus on Monday for the second straight month to ease corporate funding strains and finance huge government spending aimed at combating the deepening economic fallout from the coronavirus pandemic.
The move puts the BOJ in line with other major central banks that have unleashed unprecedented amounts of monetary support amid the health crisis.
"The BOJ will purchase necessary amounts of government bonds without setting an upper limit, so that the 10-year bond yield will remain at around 0%," the central bank said in a statement announcing the policy decision. Under a policy dubbed yield curve control, the BOJ targets short-term interest rates at -0.1% and 10-year bond yields around 0%. It also buys government bonds and risky assets to pump money aggressively into the economy.
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