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BOJ’s Kuroda Feeling Mildly Optimistic, But Cautious

While Japan, South Korea and other East Asian countries were little impressed when the coronavirus broke out in China and in other East Asian countries in January and February. But, when Europe and the US started shutting down life in March, South East Asian countries were forced to take measures s well. Who forced them, as it the WHO?

Japan didn’t go into lock-downs like in the West, since the constitution doesn’t allow that, but the Western constitutions don’t allow massive house arrests for the entire population either,but here we are. The Japanese economy suffered nonetheless, although the decline was less dramatic than in the West. Now, Bank of Japan governor Kuroda is feeling slightly optimistic, but he is also trying to sound cautious:


BOJ Governor, Haruhiko Kuroda Press Conference

  • Economic activity has gradually resumed
  • But Japanese economy remains in an extremely severe situation
  • Pace of recovery to only be moderate
  • Inflation is likely to be negative for the time being
  • Future economic developments remain extremely unclear
  • Risks are tilted to the downside for prices, economic growth
  • BOJ won’t hesitate to ease further if needed
  • Will continue to support corporate financing, markets
Kuroda is still maintaining a more subdued take on the economic situation but that is hardly a surprise. The recent economic data from Japan have been rather poor and a possible virus resurgence only adds to more risks surrounding the outlook.
But Kuroda stands firm in assuring that the BOJ policies since March are having an impact, though I’m sure they pretty much lucked out on this one with the Fed and ECB doing most of the heavy lifting to appease financial risks in the market for the most part.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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