The Bank of Japan expanded monetary
stimulus on Monday and pledged to buy an unlimited amount of bonds to keep
borrowing costs low as the government tries to spend its way out of the
deepening economic pain from the coronavirus pandemic.
The move puts the BOJ in line with
other major central banks that have unleashed unprecedented amounts of monetary
support as the health crisis stokes fears of a deep global recession.
The central bank also sharply cut its
economic forecast and projected inflation would fall well short of its 2
percent target for three more years, suggesting its near-term focus will be to
battle the crisis.
Besides, the jobless rate rose in March
to its highest in a year, while job availability slipped to a more than
three-year low, according to official data released Tuesday.
While Japan’s comparatively low jobless
rate is the envy of many nations rises in the politically sensitive figure
could lead to calls for Prime Minister Shinzo Abe’s government to do more to
stimulate the economy as the coronavirus outbreak and containment measures bite
into the job market.
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