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Financial News: BoJ Policymakers Discussed Decisive Steps To Avoid Great

BoJ Policymakers Discussed Decisive Steps To Avoid Great Depression

05/11/2020 - 01:34:00 (RTTNews)

(RTTNews) - Some Bank of Japan policymakers called for close coordination with government for policy formulation so as to avoid a Great Depression amid coronavirus pandemic, the Summary of Opinions at the Monetary Policy Meeting, held on April 27, showed Monday.

"Policy authorities must act decisively in order to avoid a second Great Depression," the summary said. "Close cooperation between fiscal and monetary authorities in terms of their policies is essential at the time of a significant economic crisis."

Given the current situation where there is concern about deflation, fiscal and monetary authorities can further cooperate with each other regarding their policies, members noted.

Some policymakers said it is desirable to conduct further active purchases of JGBs and T-Bills, with a view to stabilizing the yield curve at a low level.

At the April meeting, the bank had expanded its monetary stimulus as it removed the limit for government bond purchases.

The bank raised the maximum amount of additional purchases of commercial papers and corporate bonds and lifted the upper limit of outstanding holdings to about JPY 20 trillion.

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