Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank will take...
TOKYO - Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank will take necessary steps to stabilize markets jolted by the coronavirus outbreak, bolstering speculation about coordinated global policy action.
Kuroda said markets have made “unstable movements” on heightening uncertainty over the impact of the epidemic. “Kuroda’s statement focused on market operations and asset purchases, which meant the BOJ may make its ETF buying more flexible to support stock markets or take steps to avoid money markets from tightening,” said Yoshimasa Maruyama, chief economist at SMBC Nikko Securities.
Kuroda’s comments reinforced that view. Asian shares rebounded on Monday as investors placed hopes on a global policy response to weather the impact of the epidemic.But some analysts warned markets against betting too much on additional BOJ easing or globally coordinated rate cuts, given the dwindling tools some central banks have been left with.
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