Japan's central bank stands pat on policy, extends corporate funding by 6 months

2021-06-18 15:59

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TOKYO, June 18 (Xinhua) -- Japan's central bank at the conclusion of its two-day policy meeting on Friday decided to maintain its ultra-easy monetary policy amid the downside effects of the COVID-19 pandemic.

The Bank of Japan (BOJ) also opted to extend its corporate funding facility by six months until next March as the pandemic continues to hurt firms.

In addition, the bank said it would provide a new scheme this year to make funds available to financial institutions so they can provide investments or loans that are targeted at climate change.

"Climate change issues could exert an extremely large impact on developments in economic activity and prices as well as financial conditions from a medium- to long-term perspective," said the BOJ.

The full details of the new program will be unveiled next month, the central bank said.

The bank also said it would continue to set short-term interest rates at minus 0.1 percent while guiding 10-year Japanese government bonds at around zero percent.

The BOJ's board decided to leave unchanged its purchases of exchange-traded funds (ETFs) and other assets.

"Japan's economy has picked up as a trend, although it has remained in a severe situation due to the impact of COVID-19 at home and abroad," the BOJ said in a statement.

The statement was the same as that issued by the central bank in May.
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