TOKYO (dpa-AFX) - Members of the Bank of Japan's monetary policy board acknowledged that the country's economic situation is severe and is likely to remain that way thanks to the COVID-19 pandemic, minutes from the central bank's meeting on June 15 and 16 revealed on Monday.
The members also noted that annual inflation is hovering around 0% and id expected to stay that way thanks to falling crude oil prices. The members reiterated their commitment to continue quantitative easing as long as necessary to hit the bank's 2 percent inflation target.
In addition, the central bank will keep purchasing JGBs with no upper limit in an effort to hold the 10-year yield near 0 percent.
At the meeting, the BoJ kept its key interest rate unchanged at -0.1 percent and expanded the size of the coronavirus lending program to support the economy.
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