BOJ’s Kuroda: Will continue supporting economy in tandem with new government

The Bank of Japan (BOJ) will continue supporting the economy in cooperation with the new government, said the Governor Haruhiko Kuroda in an online seminar hosted by the Asian Development Bank (ADB) on Friday.

Key quotes

“Globalization would not be stopped or reduced because of COVID-19.”

“Resorting to protectionism in wake of COVID-19 would be riskier for each economy.”

“Global supply chains will be more diversified and more resilient after COVID-19.”

“Regional financial cooperation would be quite important in the coming years, provide a  good safety net for future crisis.”

“Policymakers must continue to take timely and decisive action while closely monitoring the impact of COVID-19 on their economies.”

“We must turn this crisis into an opportunity to accelerate digitalization and facilitate innovation.”

“Japan’s economy will likely follow an improving trend. But the pace of improvement will only be moderate as the impact of COVID-19 remains worldwide.”

USD/JPY nears 104.00

As the new Prime Minister (PM) Yoshihide Suga takes the office, the yen rides higher on the expectations of better economic prospects, with Governor Kuroda reiterating his commitment to supporting the economy. Broad US dollar weakness also adds to the weight on the spot ahead of the US Consumer Sentiment data. 

USD/JPY hits fresh seven-week lows at 104.41 before reversing a few pip s to trade at 104.50, as we write. The spot is losing 0.22% on daily basis.

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