Bank of Japan unveils series of emergency measures to counter virus

BoJ says it will double annual capacity to purchase exchange-traded funds, Japanese real estate investment funds. FMTNews Bank

TOKYO: The Bank of Japan on Monday unveiled a series of emergency monetary policy measures to shore up the world’s third-largest economy, as the coronavirus pandemic threatens a global recession.

The bank said it had decided unanimously to “actively” purchase ETFs and J-REITs with an annual upper limit of 12 trillion yen and 180 billion yen respectively. But it left its main interest rate unchanged at minus 0.1% and also kept its upper limit for purchasing government bonds at 80 trillion yen.

The Japanese economy was tottering even before the coronavirus struck, with growing fears of a recession. “Japan’s economic activity is likely to remain weak for the time being, mainly affected by the outbreak of Covid-19,” the BoJ said.

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