BoJ Governor Haruhiko Kuroda said at a WEF virtual meeting “”the resurgence of COVID-19 and the state of emergency declaration by the government just a few weeks ago would tend to dampen economic recovery” of Japan. “In this kind of situation, the most important policy is to … avoid unemployment and corporate failures and so forth,” he added.
The government has “already implemented huge amount of fiscal support”. At the same time, BoJ provided liquidity to the banking sector and tried to “stabilize the financial markets”. Both policies have been “fairly successful in stabilizing the markets, avoiding corporate failures, maintaining employment”.
But, “we have to overcome, contain this pandemic”, through vaccination and creation of immunity. That is the “challenge still faced by Japan”.
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