BOJ’s Kuroda warns second-round effect of COVID-19 may dent economic growth

first_img“At this moment, we didn’t see the need to further lower the entire yield curve. Of course, if necessary we will do that. But now, we don’t think it’s necessary,” he said.The BOJ eased policy in March and April, mainly by boosting asset buying and creating lending schemes to channel funds to companies hit by the pandemic. It has kept its interest-rate targets unchanged.Kuroda said he was “cautiously optimistic” that Japan’s economy will gradually recover from the second half of this year, allowing the BOJ to scale back its crisis-response steps.“Once the impact of COVID-19 on the economy has subsided, the economy starts to recover and comes back to a normal growth path, then of course our extraordinary measures may be gradually curtailed,” Kuroda said.“But then, we have to achieve our 2 percent inflation target,” he said. “That’s unlikely to be met in the short run. The BOJ’s expanded balance sheet would not be normalised until 2 percent inflation is achieved.”Under yield curve control, the BOJ guides short-term rates at -0.1 percent and long-term yields around zero. It also introduced several crisis-response tools, including a lending facility to ease funding strains that expires in March next year.Topics : Bank of Japan (BOJ) Governor Haruhiko Kuroda said second-round effects of the coronavirus pandemic could hurt the Japanese economy “considerably”, signalling the bank’s readiness to ramp up stimulus measures again to cushion any blow from the crisis.But in an online seminar on Friday Kuroda said the central bank saw no immediate need to cut interest rates, and instead will focus on easing corporate funding strains and stabilising markets with its lending facility and asset purchases.“Japan’s economy has been in an extremely severe situation … In the second quarter, we’ll likely see considerable negative growth,” Kuroda said.last_img read more

Justin Turner homers for second day in a row but Dodgers lose to Diamondbacks

first_img How Dodgers pitcher Ross Stripling topped the baseball podcast empire Related Articles THE GAME: Justin Turner homered for the second consecutive day, but the Arizona Diamondbacks handed the Dodgers a 10-4 defeat Friday afternoon at Camelback Ranch in Glendale, Ariz.PITCHING REPORT: Dennis Santana replaced Tony Gonsolin as Friday’s starter when Gonsolin was sent home due to illness. Santana gave up a home run to the first batter he faced and then a two-run single to the same batter, Adam Jones, an inning later. … No one who will open the season on the Dodgers’ roster pitched in Friday’s game. … Right-hander Brock Stewart will start for the Dodgers in their Cactus League finale against the Chicago White Sox on Saturday at noon at Camelback Ranch.HITTING REPORT: Justin Turner added a single to his homer Friday and finished the Cactus League schedule batting .474 (18 for 38) and tied for the team lead with three home runs. … A.J. Pollock was on base three times against his former team with a double, a single and a walk. He finished Cactus League play batting .319 (15 for 47) with four doubles and three home runs after a slow start. … Former first-round pick Jeren Kendall had a double and a home run in two at-bats.UP NEXT: White Sox (LHP Manny Banuelos) vs. Dodgers (RHP Brock Stewart), Saturday, noon, Camelback Ranch, SportsNet LA, AM 570 Dodgers hit seven home runs, sweep Colorado Rockies Cody Bellinger homer gives Dodgers their first walkoff win of season center_img Newsroom GuidelinesNews TipsContact UsReport an Error Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco Dodgers’ Max Muncy trying to work his way out of slow start last_img read more