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

Uganda Cranes thrash North East in Regional Tour

first_img Tags: Fahad BayoHassan SsenyonjoJoachim OjeraJonathan McKinstryMustafa KizzaRegional TourUganda Cranes Some of the Uganda Cranes players celebrate one of their four goals on Saturday. (PHOTOS/FUFA)Regional Tour North East Region 0-4 Uganda CranesKatakwi High School Grounds, KatakwiSaturday, 09-11-2019Uganda Cranes were in beating mode as they thrashed North East in the Regional tour game played on Saturday.Mustafa Kizza, Fahad Bayo, Joackim Ojera and substitute Hassan Ssenyonjo got the goals for Jonathan McKinstry’s side.Kizza converted a penalty in the 22nd minute after Ojera was brought down in the area.Bayo doubled the lead following a mistake by goalkeeper Joshua Okwaput following an earlier back pass from Steven Oriokot to take a a 2-0 half time lead.Ojera then made it 3-0 off a headed effort from Kizza’s corner kick before Ssenyonjo wrapped up the victory.This was the first regional tour match under new coach McKinstry who took over at the start of last month.The match is part of the preparations for the national team as the 2021 AFCON qualifiers come knocking.Uganda Cranes will travel to Burkina Faso on 12th November 2019 ahead of the opening group B match the following day in Ouagadougou.Four days later, Uganda Cranes will entertain Malawi on 17th November 2019 at Mandela National Stadium, Namboole.How the Cranes lined upStarting XICharles Lukwago (GK) (KCCA), Paul Willa (Vipers), Mustafa Kizza (KCCA), Halid Lwaliwa (c) (Vipers), John Revita (KCCA), Nicholas Kasozi (KCCA), Shafiq Kagimu (URA), Bright Anukani (Proline), Allan Kayiwa (Vipers), Fahad Bayo (Vipers), Joachim Ojeera (URA)The Cranes line up before the game on Saturday.Substitutes James Alitho (URA FC), Ashraf Mandela (URA FC), Paul Mbowa (URA FC), Muzamiru Mutyaba (KCCA FC), Hassan Ssenyonjo (Wakiso Giants), Joel Madondo (Busoga United), Viane Ssekajugo (Wakiso Giants)Officials Head coach: Johnathan McKinstry1st Assistant coach: Abdallah Mubiru2nd Assistant coach: Charles Livingstone MbabaziGoal keeping coach: Fred KajobaDoctor: Emmanuel NakabagoComments last_img read more