Japan should focus on back-stopping struggling businesses rather than trying to spark overall demand in fighting the coronavirus pandemic, its economy minister said, suggesting the central bank should avoid pushing interest rates deeper into negative territory.
FILE PHOTO: Japan's Economy Minister Yasutoshi Nishimura attends a news conference at Prime Minister Shinzo Abe's official residence in Tokyo, Japan September 11, 2019. REUTERS/Issei Kato
“We’re not at a stage yet where we want to stimulate consumption and encourage people to travel a lot. Efforts to stimulate consumption should wait a bit more,” he said. Under Nishimura’s initiative, the government compiled two spending packages worth a combined $2.2 trillion to cushion the economic blow from the pandemic.
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